2017 Q4 Press Release
A Year of Exceptional Success for Rogue Credit Union
Medford, OR – Rogue Credit Union ended 2017 with exceptional growth across all areas as it continued to increase its footprint across Southern Oregon. Over 2017, Rogue opened four new locations: Central Point, South Grants Pass, West Medford, and West Roseburg. The credit union also broke ground on its highly anticipated South Ashland Branch.
“Rogue is doubling down on our commitment to serve Southern Oregon with new branch locations,” said President/CEO Gene Pelham. “Our lobbies are busier than ever and our newest members are telling us that they’re joining Rogue because of the access to an expansive branch network and the ability to connect with our friendly local team members.”
Rogue closed 2017 with a loan portfolio of over $1.09 billion, an increase of 12% from 2016. The credit union’s net income for 2017 was over $17 million, compared to $19 million in 2016. Rogue continues to experience rapid deposit growth. Deposits increased $124 million or 10.9% during 2017, down from the $190 million of deposit growth in 2016. In addition, Rogue’s membership grew from 110,092 to 121,897, an increase of 10.72%, and well above the national average for average credit union membership growth. Rogue finished out 2017 with a strong Net Worth of 9.81%, up from 9.58% at the close of 2016.
Over the course of 2017, Rogue Credit Union’s members earned over $2.2 million into their high-yield Ownership Account through Rogue Rewards benefit programs such as Rogue’s VISA Platinum 1% Cash Back and Save the Change. This high-yield account offers Rogue members the opportunity to earn the credit union’s highest deposit rate of 2.0%.
“Rogue’s member-owners are experiencing the credit union difference in a real, tangible way,” explained Pelham. “We are thrilled to be able to reward our members for their participation and ownership in the credit union. The $2.2 million that our members earned into their Ownership Accounts has proven to be a popular way for our members improve their financial future.”