CORVALLIS, Ore. — The $885 million OSU Federal Credit Union here is making what it terms a "strategic move," switching from a federal to a state charter effective Jan. 1.
The institution's new name will be Oregon State Credit Union.
The change — which has been approved by NCUA, the state of Oregon and a "decisive" November vote of its membership — is designed to retain the CU's 60-year heritage and identity.
Membership will be available to anyone who lives or works in 24 western and central Oregon counties.
"The opportunity to move to a state charter enables us to better serve our membership and requires us to eliminate the word 'federal' from our name," said President and CEO Richard Hein in a statement. "This new name respects our history and best represents our future. We are united in helping more than 80,000 members and their families build stronger futures, while maintaining our role as a community leader throughout our service area."
The CU said existing members will see no impact on their current accounts. Deposits will remain federally insured by the National Credit Union Share Insurance Fund up to $250,000 per account. All branches will remain open with the same staff.
The new name and logo will be transitioned throughout the next few months in the credit union's signage, website, checks, debit and credit cards and other materials.
