The History of Rogue Credit Union
The History of Rogue Credit Union
In 1956 the average American was making around $2.14 an hour, they could purchase a Ford automobile for under $1,800 and gas was $0.20 a gallon. Bread was $0.19 a loaf and milk was going for about $1.00 a gallon. A share in Rogue Credit Union was only $0.25. A pretty good return on your investment don’t you think?
Though the late 1950’s were exciting times for America, financial services were not easily available. The lack of financial services brought together a group of 10 teachers in Southern Oregon to find a way to help each other. By forming a financial cooperative, owned and operated by a group of individuals for their mutual benefit, they were able to ensure that they had access to fairly priced credit and a safe place for their investments. Membership was open to public school employees who worked in Jackson County, employees of the Credit Union, members of their immediate families, and organizations to which these persons belonged.
During the early 1960’s, Jackson County Teachers Federal Credit Union (JCTFCU), as it was known, moved from a garage into an office, started a newsletter and hit the $1 million mark in assets. They ended the decade having a part-time operation in Ashland.
A merger with Rogue Federal Credit Union in 1972 enabled the credit union to offer new services including notes, share and money market certificates, and "Kwik Cash" loans. In 1977, the credit union began offering checking accounts. Three years later, the Credit Union hit the $20 million mark in assets. In 1982, the credit union changed its name to Rogue Federal Credit Union, merged with Jackson County Employees Federal Credit Union, and converted to a community charter which broadened the reach to serve anyone who worked or lived in Jackson County. Two years later, the Ashland Branch opened in 1984.
The 30th year was marked with the opening of an office in North Medford and the credit union hit $50 million in assets by 1986. A few years later, in 1990, the credit union's first drive-up facility was added to the North Medford Branch to serve the fast paced society of the times.
With the end of 1996 and forty years of successful operations in meeting the needs of members, Rogue Credit Union boasted $120 million in assets and over 27,000 members. In 1998, Rogue Credit Union pushed through the $150 million mark in assets and ended 1999 with over $177 million. Rogue Credit Union began the 21st Century with 32,000 members and $185 million in assets. During 2001 the National Credit Union Administration approved an amendment to Rogue's charter expanding the field of membership to include Josephine and Klamath counties and allowing a branch to be built in Grants Pass (2004) and Klamath Falls (2005).
In 2012, the credit union purchased and assumed the Oregon operations of Chetco Federal Credit Union from the National Credit Union Administration. This resulted in the addition of Curry, Coos and Del Norte counties to our charter area and five full service branches from Brookings to Bandon. Once combined the credit union served over 71,000 members in 5 Oregon counties and one California County with assets of $809 million.
Rogue Credit Union has become an industry leader throughout the recent downturn in the economy. Now with 17 full-service branch locations in seven counties, and one drive-up only location in Medford, your credit union serves a variety of financial needs from basic financial services, to mortgage loans, investment services, and business loans. Today Rogue celebrates 60 years of service in Southern Oregon, has over 100,000 members and boasts assets in excess of $1 billion - all due to the efforts of one small, insightful group in 1956. Never underestimate the power of people sharing a dream to better their community!