Rogue Credit Union CEO Gene Pelham told the Curry Coastal Pilot this week that Chetco Federal Credit Union had “no way out” of the downward spiral that led to its failure in 2012 and that Rogue “fought really hard” to acquire Chetco’s assets.
Breaking news: Rogue Federal Credit Union will purchase and retain Chetco Federal Credit Union’s Oregon operations, retaining branches and employees. Chetco’s Crescent City, Calif., branch and memberships will be assumed by Coast Central Credit Union. The announcement was made Friday evening by Rogue Federal, Coast Central and the NCUA.
The NCUA has appointed veteran CEO Gary Jester to lead Chetco FCUâ€™s conservatorship. Jester, who recently led Rapid City Telco FCU through a similar situation, will work with the NCUA and Chetco staff to determine the best course of action to serve Chetcoâ€™s more than 32,000 members.