Mid Oregon Credit Union completes bank acquisition
Mid Oregon Credit Union announced Wednesday it has completed an agreement to acquire the assets and liabilities of High Desert Bank, headquartered in Bend.
As of Monday, all High Desert Bank accounts were converted to Mid Oregon Credit Union and all funds transferred. The agreement has been in negotiations for several months and received regulatory approval at the end of May.
High Desert Bank has been in operation in Bend since 2007, with one location and approximately $21 million in assets.
“The overlap in service area, as well as similar product and service offerings, made Mid Oregon the ideal option for purchasing the bank’s accounts,” according to a news release from Mid Oregon.
Mid Oregon has been operating in Central Oregon since inception in Prineville in 1957. Currently with over 30,000 members and $285 million in assets, Mid Oregon has seven branches located solely in Central Oregon (Bend, Redmond, Prineville, Madras, La Pine and Sisters).
“We were seeking a good financial institution that would be a fit for our customers and allow us to wind down our operations in an orderly fashion,” said Steve Ferber, president/CEO of High Desert. “Mid Oregon is a strong, local organization that adds value to the financial needs of our High Desert customers and can provide even higher levels of financial products and services to meet their needs going forward”.
Mid Oregon’s purchase of a community bank is a rare event. According to S & P, only four credit unions nationwide had purchased banks as of August 2017, four in all of 2016, and three in 2015.
Mid Oregon said itss management team will focus its efforts on making the conversion from bank customer to credit union member as effortless as possible for High Desert Bank’s approximately 400 customers.
“Changing your financial institution is a very personal thing,” said Bill Anderson president/CEO of Mid Oregon. “We understand that changes like this impact people, and our goal is to make the transition as seamless as possible for the High Desert customers who are moving their accounts. We value building relationships and the opportunity to make the Mid Oregon move a positive experience.”
Mid Oregon Credit Union is a full-service, member-owned financial cooperative headquartered in and serving Central Oregonians since 1957. With more than 30,000 members in Deschutes, Jefferson, Crook, Wheeler, Lake, and North Klamath Counties, Mid Oregon Credit Union partners with our members to help them achieve their financial dreams. For more information about our services and branch locations in Bend, Redmond, Madras, Prineville, La Pine and Sisters, please visit https://www.midoregon.com .
