EUGENE, Ore. SELCO Community CU, the state’s third-largest credit union, is adding three branches with a deal to merge struggling Greater Oregon FCU, a one-time $45 million credit union based in Burns, Ore.
The deal comes a year after $1 billion SELCO entered the Portland market with the acquisition of troubled $40 million Forest Park FCU. Forest Park had a branch in northwest Portland and one in the Portland VA Hospital.
Greater Oregon FCU, which operates branches in Burns, Christmas Valley and Vale, has reported losses for five years in a row and had net worth under 2% at March 31, as its assets had declined all the way to $33 million.
The merger is scheduled to be completed by July 1, with full merger of operations completed in the first quarter of 2014.
Greater Oregon was chartered in 1940 as Hines Employees FCU and now serves residents of surrounding Baker, Crook, Grant, Harney, Lake and Malheur counties.
