Northwest Community Credit Union
Northwest Community Credit Union (NWCU) is a community-chartered credit union headquartered in Eugene, Oregon, United States. Originally founded as Weyerhaeuser Springfield Federal Credit Union, the financial cooperative later changed its name to Wood Products Credit Union[1] (1973–2002). NWCU became a community credit union in 2002. As of 2017, the credit union’s assets are $1.152 billion USD,[2] with more than 113,000 members as of February 2018. Northwest Community Credit Union’s network serves 15 counties in Oregon, with branches in cities extending along Interstate 5 from Medford to the Portland metropolitan area; NWCU also serves the central Oregon coast with a branch in North Bend, and the Cascades, with a branch in Bend.
History[edit]
Northwest Community Credit Union was established in 1949 by six friends during a lunch break at the Weyerhaeuser Timber Company in Springfield, Oregon. To create a fund for small loans to employees, the group put $50 in a lunchbox. Later this same year, Weyerhaeuser Springfield Federal Credit Union was granted a federal charter as a credit union, and elected a board of directors.[3] By November 1952, the total in loans made to Weyerhaeuser employee members exceeded $300,000, with deposits growing to $90,000. The credit union office was at that time still operating out of the Springfield Weyerhaeuser plant cafeteria.[4]
In 1957, the Cottage Grove, Oregon branch was opened and the first branch for Springfield, Oregon followed in 1958, operating inside a converted home on 42nd Street. This branch became the first headquarters of the credit union. Membership exceeded 1,000 Weyerhaeuser employees.
In 1972, the branch in North Bend opened, establishing service on the Oregon coast. The following year, NWCU’s membership voted to convert from a federal credit union charter to a state charter. The membership’s scope grew to include all employees in the wood products trade, along with construction, plastics, and resin trades. (Employees outside of these groups could still apply, with state approval.)
Two years later, the credit union rebranded as Wood Products Credit Union, to reflect its growing membership base, and later as NWCU in 2002, when it gained community charter approval.
Growth[edit]
Sixteen smaller credit unions merged with NWCU between 1971 and 1984. The mid 1970s also brought physical growth for the branch network, with the building of the Cottage Grove, Eugene, Roseburg, Medford, Albany, Oregon, Portland, and Bend branches. Following expansion into new areas of Oregon, NWCU began offering its first share-draft accounts in 1980. After these acquisitions, branch openings, and product launches, membership levels exceeded 33,000, with over $56 million in assets, in 1983.[5]
Moving beyond share draft accounts, NWCU began offering Visa credit cards in 1985, further diversifying its portfolio.
Wood Products Credit Union CEO John McLaughlin stated that he would “work with members to get through tough times”[6]—especially during the decline in the wood products industry in the 1980s and 1990s in Oregon. This decline resulted in numerous layoffs and strikes; the credit union shifted to accommodate this change by opening up membership to 700 more employee groups.
The Oregon City branch was opened during this period, in 1991. The next year, NWCU offered its first mortgage and indirect automobile loans.
After many decades headquartered on 42nd Street where the founding branch originated, NWCU moved its headquarters to the Gateway area of Springfield, Oregon, in 1995. Visa debit cards were rolled out in 1996.
Recognizing a need to grow beyond an initial employer-based membership, NWCU opened its call center in 1999; established online banking services in 2000; and applied for a community charter as “Northwest Community Credit Union” in 2002.[7]
Members could then—as now—apply if they lived, worked, or had family members who lived or worked in the counties served.
In 2003, NWCU partnered with Southern Oregon Coast Housing Opportunities Program to help fund a Housing Rehab Program for low-income homeowners to acquire assistance for home repairs.[8]
The credit union then began offering business share draft accounts and commercial loans in 2004, and opened branches in Springfield, South Medford, and Grants Pass in 2007.
In 2010, a decade of significant growth for the credit union began with the acquisition of O.U.R. FCU in 2011; United Food Workers FCU followed in 2012; with Coos Educators FCU in 2013, and Fred Meyer Employees FCU in 2014.
The year 2014 also signaled construction and opening of the current headquarters in Eugene, Oregon. The new headquarters also houses the Downtown Eugene branch. In 2015, the building earned the U.S. Green Building Council’s LEED Gold certification for its commitment to green energy and reducing waste.[9]
By 2016, membership had exceeded 100,000 members, and assets peaked above $1 billion for the first time.
Community Outreach[edit]
NWCU focuses community efforts on supporting youth education and development, and encouraging financial literacy. It also assists community partners who address needs such as homelessness, direct disaster aid, social services, and programs assisting first responders.[10]
In addition, Northwest Community Credit Union offers annual scholarship programs to local students who demonstrate a positive impact in their community.[11]
Project Community[edit]
NWCU also offers an annual mini-grant program to schools and non-profit organizations dedicated to educating Pre-K through 12th grade youth across Oregon.[12] The program has awarded 187 educators for $164,000 in total grants as of 2017 supporting requests for classroom supplies, technology, books; as well as, special classroom projects, programs, or field trips.
References[edit]
- ↑ "Weyerhaeuser Federal Credit Union has a new name". The Eugene Register-Guard. December 19, 1973. p. 7E.
- ↑ 2017 Annual Report. Northwest Community Credit Union. Search this book on
- ↑ "Credit Union Meets To Complete Plans". The Eugene Guard. November 11, 1949. p. 4A.
- ↑ "Your Credit Union". Springfield Section. Weyerhaeuser Magazine. December 1952. p. 1.
- ↑ Shapley, Tom (March 31, 1984). "Assets grow". The World. p. 5.
- ↑ Montgomery, Marilyn (December 7, 1986). "Credit unions interest more folks". Statesman Journal. p. 53.
- ↑ "Credit union gets charter approval". The World. January 4, 2003. p. C1.
- ↑ "Northwest Community Credit Union to rescue: Funds training program to assure low-cost home repairs". The World. April 22, 2003. p. 34.
- ↑ "Northwest Community Credit Union celebrates LEED Gold Certification". Rowell Brokaw.
- ↑ "Community". Northwest Community Credit Union.
- ↑ "Scholarships". Northwest Community Credit Union.
- ↑ "Project Community". Northwest Community Credit Union.
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