From Modest Beginnings During the Great Depression, OnPoint Community Credit Union Awards Grows Into Oregon’s Largest

OnPoint will mark 75^thanniversary December 31

December 11, 2007

PORTLAND, Ore.— Oregon’s largest credit union had very modest beginnings 75 years ago. Sixteen teachers with a dream of access to safe savings and credit and a total of $576 to invest founded what is now OnPoint Community Credit Union.

On December 31, 2007, OnPoint will mark three-quarters of a century of service to its members with a philosophy of “people helping people,” just like those teachers dedicated themselves to improving the lot of their fellow educators.

In the early 1930s, two other credit unions already existed in the state, but Portland Teachers Credit Union (now OnPoint), began to steadily grow under the watchful eye of its founders.

In 1932, Commerce High School teacher Hugh Stout was recruited as the first treasurer-manager, setting up the credit union in the high school hallway. Despite the economic challenges of the Depression, the credit union had more than 1,100 members and $191,000 in assets by the end of the decade.

After starting out in Multnomah County, Portland Teachers Credit Union expanded its field of membership to four counties in 1951 and then capped that off by hitting the $1 million mark in assets by 1953. Just six years later, it reached $5 million in assets and more than 8,500 members.

By the end of the 1960s, 23,000 members helped triple assets to $15 million.

Fast forward to the 1980s when assets topped $286 million. In 2001, Portland Teachers Credit Union hit $1 billion in assets and just four years later — in 2005 — that number climbed to $2.1 billion.

The year 2006 was a landmark for other reasons too. The credit union received a new community charter that increased the field of membership to 10 counties. In order to market to this wider audience, PTCU changed its name to OnPoint Community Credit Union.

With a wider population to draw from, OnPoint’s membership continued to climb and by the end of 2006, assets had reached $2.3 billion and membership approached 180,000. Today, assets are $2.5 billion and membership stands at more than 186,000. OnPoint is now the second largest locally owned financial institution based in Oregon.

To mark its 75th anniversary, OnPoint hosted a dinner on October 25, 2007 to honor past and current board and committee volunteers for their many years of dedicated service.

In addition, each of 10 non-profit organizations located in the 10 counties OnPoint serves received a check for $7,500.

"Our decision was to give back to our community just as our founders wanted to make life better and easier for those with limited resources and borrowing power," said Rob Stuart, OnPoint’s president/CEO.

"We thought $7,500 per non-profit or $75,000 total would be a nice way to celebrate a 75th anniversary," he continued.

During the recognition dinner, Board Chairman Steve Gray said, "All of our achievements simply wouldn’t be possible without the hundreds of members who have volunteered to serve on the board and various committees over these 75 years."

Stuart also gave credit to some of OnPoint’s more notable past leaders for their guidance in building Oregon’s largest credit union. He pointed out that through three-quarters of a century; the credit union has had only five CEOs. Hugh Stout, from 1932-1962; Morris McElwee, 1963-1984; John Beckwith, 1985-1997; Cliff Dias, 1997-2006; and Rob Stuart, 2006 to the present.

Over the years, OnPoint also has introduced innovative products like Driver’s Seat Auto Loan for first-time car buyers, FlexSmart Money Market Account and first time home buyers loans.

In the past year and a half, OnPoint has opened two more branches and relocated others for added convenience. A notable opportunity opened up in the fall of 2007 when OnPoint expanded its charter, allowing a move into one of the fastest-growing counties in the Northwest—Clark County, Wash. Clark County already is home to 6,500 OnPoint members so the expectation is that growth will be swift.

OnPoint Community Credit Union’s field of membership includes everyone who lives or works in 10 designated Oregon counties (Benton, Clackamas, Columbia, Lane, Linn, Marion, Multnomah, Polk, Washington and Yamhill) and in Clark and Skamania counties in Washington.

For more information visit www.onpointcu.com or call 503-228-7077 or 800-527-3932.