NW Preferred Federal Credit Union, Tigard, Ore., on Tuesday said it received approval from the National Credit Union Administration to expand its Trade, Industry or Profession charter to serve the licensed insurance industry nationwide.
In 2003 NW Preferred became the first credit union in the United States granted a TIP charter. Tuesday’s announcement allows the credit union to expand beyond the original, three-state charter boundary of Oregon, Washington and Idaho.
Steve Canfield, president and CEO of $126 million NW Preferred, said in a statement, “We look forward to leveraging our more than 75 years of experience to serve insurance professionals throughout the United States.”
“Our new charter,” Canfield continued, “offers us tremendous growth potential. But this opportunity didn’t just occur by chance. It is thanks to our continued financial success, the vision and hard work of staff, management and our board of directors, as well as the continued loyalty and support of our members.”
NW Preferred Federal Credit Union was chartered in 1940.
