The Board of Directors and Leadership Team of Malheur Federal Credit Union have announced plans to partner with Rogue Credit Union. Malheur FCU and Rogue CU want to better serve you and future generations by combining our strengths and resources. Our expanded organization will have combined assets of more than $1.9 billion with 25 branch locations within Oregon and Idaho.
Unlike a bank buyout, a credit union partnership is a collaboration between two credit unions seeking to combine financial resources and expertise for the sole purpose of providing members with expanded services. We are excited to provide these additional benefits to you.
In the meantime, we have a number of Frequently Asked Questions below to answer some of the most common questions you may have. If you have any additional questions, please feel free to contact us.
- Why has this occured?
- What are the benefits of this partnership?
- Are small locations like the Vale Branch going to close?
The Boards and Leadership Teams of both organizations engaged in discussions and careful review of the compatibility of organizational missions, cultures, and finances. On May 21, 2020 Malheur formally selected Rogue as their best merger partner. Subsequently, the two organizations have mutually adopted a “letter of intent to merge”.
- Enables both credit unions to grow to serve an expanded field of membership and be stronger together.
- Rogue has over 20 branches located across Southern Oregon.
- Malheur has 5 branches located in Eastern Oregon and Western Idaho.
- Additional products and services will be available for Malheur members, expand our commercial lending, investment services and so much more.
- Members of both credit union’s will have access to more services in new communities
- Combining helps both credit unions to have greater economies of scale and an even stronger financial condition than they did separately.
- The partner process will provide our team with valuable merger experience to potentially seek future opportunities that create wins for the members, credit union, and staff.
- No. This is a partnership between Rogue Credit Union and Malheur Federal Credit Union, with the commitment that all branch locations will remain open to serve our members.
- Rogue has a demonstrated history of operating well in underserved areas. It currently has branches in small rural towns like Port Orford (population 1,148), Gold Beach (population 2,293) and Eagle Point (population 9,408).
Why does MFCU want to embark on this partnership?
After careful consideration the Board of Malheur Federal Credit Union determined that the best way to provide our members the service and value they deserve was to join with a community focused credit union that has the resources necessary to provide the technology and value our members desire. This includes services such as expanded commercial lending, investment services, and expanded digital offerings. They are also seeking the resources that larger credit unions enjoy such as stronger information security, compliance tools, and more robust employee development opportunities.
What are the benefits of a larger credit union?
Becoming a larger credit union with combined assets of over $1.9 billion will provide opportunities to increase efficiencies and return those savings right back to members in innovation, technology and services, better rates, and higher investments in community giving. The larger credit union will also provide greater opportunities for employees and additional jobs for our local communities.
With additional scale and the talent at both credit unions, the combined organizations can establish a competitive edge enabling us to offer products and services to an ever-growing membership base in our regions.
Which organization approached the other to pursue?
After careful consideration, MFCU decided that it was in the best long-term interest of their staff and members to seek a partner.
Will MFCU's name change?
This has not been determined at this time. We will study the impact of a name change and make the best decision for the members and the combined credit unions.
Will I see the same people when I go into my branch?
Yes. Our employees are key to our relationships with you. We do not anticipate any changes in staff or our branch locations, so you should see the same faces and receive the same level of service that you are familiar with today when you visit any of the branch locations.
What is the timeline and next steps?
- Both credit unions are engaged in the due diligence process now. This includes a deep dive into cultures, financial reports, process, loan files, organization structures, and more. After due diligence is completed, both credit unions will need to agree that the partnership should continue.
- MFCU will seek approval from you, our members, through a voting process that will happen later this year.
When will this happen?
While nothing is changing right now, both organizations will begin the integration process once regulatory and membership approvals are obtained. This will likely be completed mid-year of 2021. Both organizations will continue to serve members as usual at their combined 26 branch locations during this transition.
Are we going to lose local control?
Will the culture change?
When two organizations partner, there will always be changes. However, we selected Rogue Credit Union in large part because of our shared values, particularly with member service and employee engagement. Additionally, all of our employees will have a role during and after the transition to keep our relationships and culture intact.
Will MFCU continue to support local community organizations?
MFCU is fully committed to supporting charitable, community and civic organizations in their local markets, as is Rogue CU. The combined leadership of both organizations are committed to continuing to invest in our communities through sponsorships, volunteerism and other leadership support.
Malheur Federal Credit Union Information
What will happen to my account?
Member accounts will not change initially. Eventually all member accounts will be converted onto the Rogue system where you will begin to receive statements, online banking, and access to even more products and services.
Will I have to refinance my loans?
No, members will not need to refinance.
When should they expect their direct deposit information to change?
Direct Deposit information should not change. If there are any changes that are required to be made, we will work with members prior to the system conversion in 2021.
What will change when my account moves over to a new system?
It is a bit early to understand everything that could change, but some of these items could include member number and account number.
What will happen to my loans, shares, and deposits?
All existing loan, share, and deposit products will eventually be migrated into the Rogue system.
Do I still have to pay my loans with MFCU?
Yes, members should continue to pay their loans with MFCU. Not doing so will impact your credit and ability to obtain loans in the future.
Rogue Credit Union Information
Where is Rogue Credit Union headquartered?
Rogue Credit Union is headquartered in Medford, Oregon which is about 30 minutes north of the Oregon and California state border.
Where are Rogue Credit Union locations?
Rogue has 22 branches spread across Southern Oregon including areas such as Medford, Roseburg, the South Coast, Klamath Falls and Josephine and Jackson Counties. In addition, Rogue has 6 student branches in local high schools.
How long have they been around?
Rogue was initially started as a Teacher’s Credit Union in 1956 and today serves over 146,000 members with assets of over $1.8 Billion.
Can you provide information about Rogue CU's Supervisory Committee?
The Supervisory Committee is an oversight audit committee appointed by Rogue Credit Union’s Board of Directors. During the year, the Supervisory Committee holds regular meetings with Rogue Credit Union’s Internal Auditors. The five members of the Supervisory Committee are responsible for reviewing Rogue’s annual audit, upon completion from the Federal Examiners. The audited and consolidated financial statements are available in the annual reports located here.
Click here to learn more.
Are they safe and secure?
Yes! Rogue is a healthy credit union with $1.8 billion in assets. They are federally insured through the NCUA and have a Net Worth Ratio of 9.87% (as of April 2020).
Why does Rogue want to embark on this partnership?
Rogue is constantly evolving and considering new ways to serve their members while maintaining a strong financial position and having a positive impact on the communities they serve. Rogue believes that by being deeply engrained in the communities they serve through community involvement, donations, and sponsorships it creates a stronger community for us all.
Can you provide information about Rogue's Board of Directors?
Rogue Credit Union, and all credit unions, are member-owned, not-for-profit financial cooperatives dedicated to serving their members and making a positive impact on the community. Rogue Credit Union is a democratically-controlled cooperative, overseen by a highly-qualified and committed Board of Directors. Their Board of Directors is charged with guiding Rogue’s strategic direction and ensuring that their credit union continues to be a safe and stable financial institution for Southern Oregon.
Click here to watch a video that goes over the expectations of Rogue CU’s Board of Directors.
Click here to learn more from Rogue’s website.