Clackamas FCU Loses $5 Million County Deposit To ING

Published February 23, 2009, 5:57 p.m. EST

Updated August 27, 2020, 12:48 a.m. EDT

1 Min Read

OREGON CITY, Ore. – Officials with Clackamas FCU last week were lamenting the withdrawal of a $5 million deposit from Clackamas County for transfer to Dutch banking giant ING.

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"It was a lot of money," said Diann Owen-Gaines, president of the $180 million credit union, of the country’s deferred compensation funds deposited.

The withdrawal was part of a consolidation of county funds to help save fees, and not a result of a better rate offer, according to Owen-Gaines. "The county chose who they wanted to bid on it and we were not among them," she told The Credit Union Journal.

The credit union will continue to serve thousands of county employees, she added.

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