Portland’s Occupy movement and like-minded activists around the nation have highlighted, using various methods, the benefits of transitioning from big banking to small during the last 12 months. And while some 6 million Americans have switched "their banking business from corporate-level, for-profit banking institutions to not-for-profit credit unions that strive to promote economic growth in our communities," according to the official Bank Transfer Day Facebook page, the reality is that those millions of people still represent only 3 percent or so of banking consumers.
Increased fees and poor service have definitely helped convince many Americans to choose smaller banks and credit unions, but, as Stacy Mitchell, a senior researcher with the Institute for Local Self-Reliance, points out, there are plenty of constructive reasons for choosing a community bank or credit union over a big financial institution—like growing your local economy, supporting productive investment, and keeping decision-making local amongst institutions that are committed to your community.
While the Occupy movements and Bank Transfer Day were capturing headlines almost a year ago, Neighborhood Notes would like to remind you about some of the community-based credit unions around town that offer support for your local economy and neighborhood.
But first, let’s spell out the basics: A credit union differs from a bank in that it’s a not-for-profit financial cooperative that’s owned and democratically controlled by its members, allowing for competitive, low interest loans from the pooled savings of members.
Now, here’s a selection of five Portland- and Oregon-based credit unions that actively support their communities and the local economy through charitable service, small business programs, and community support.
Advantis Credit Union
With four centrally located branches in Portland, Advantis is a credit union with an 84-year history and a core value of making “a difference in the communities it serves,” says Community Relations Officer Misti Rooney. With a reputation for community involvement and charitable giving, “Advantis has been recognized as one of the top 10 small companies in Oregon for supporting charitable projects in the community,” Rooney says, including the launch of GROW: The Advantis Community Fund in 2011, which “awards local nonprofits with funding for locally identified needs,” Rooney says. Donating $50,000 in grants per year, “Advantis awards grants to seed projects that offer the most potential for long-term benefits in the community,” Rooney adds, plus the credit union recently initiated some innovative work with the Leaven Project to create a crowdfunded lending program. “Advantis also offers a very unique loan program that is addressing a very real community problem of many abandoned, foreclosed, distressed homes in our neighborhoods,” Rooney says. “The Advantis Rehabilitation Mortgage Program allows homeowners to purchase abandoned and distressed homes and turn them into their dream home. This program is new, and as far as we have learned, [we are] the only credit union in the country offering this program. It’s a mortgage loan that covers the purchase of the home plus the upgrades needed to make it an attractive, livable home, while revitalizing the neighborhood and community.”
Advantis Belmont Branch, 3010 SE Belmont St., 503.785.2528
Advantis Downtown Branch, 120 SW Taylor St., 503.785.2528
Advantis Fremont Branch, 3515 NE 15th Ave., 503.785.2528
Advantis Lloyd Center Branch, 825 NE Multnomah St., Ste. 110, 503.785.2528
Northwest Resource Federal Credit Union
A hyperlocal option that serves only those that “live, work, worship, or attend school” in the central city, Northwest Resource Federal Credit Union has been serving Portlanders since 1935. Northwest Resource supports local business with “a complete line of business services,” according to Kim Faucher, vice president of marketing. “All of our lending decisions are made locally and loans are serviced locally.” Striving to build a better neighborhood, Faucher says, “We work well with many of Old Town’s social service agencies, including Central City Concern and Transition Projects, by helping their clients open savings accounts, obtain small loans, and build financial independence.” Also serving the artistic community, Northwest Resource displays local art in the lobby, selling it on behalf of the artist, and hosts the occasional First Thursday event.
Northwest Resource Federal Credit Union, 221 NW 2nd Ave., Ste. 100, 503.220.2592
Rivermark Community Credit Union
Operating eight branches available to residents and workers in 11 northern Oregon counties, Rivermark Community Credit Union was founded in 1951 by 140 grocery store employees. “An active and involved community partner,” Rivermark is “committed to improving the quality of life for the communities we serve” by dedicating “money, in-kind support, and volunteer resources with a focus on youth, financial education and health-related issues,” according to its website. “Doernbecher is our biggest community story,” adds Marketing Leader David Noble, informing that his organization has raised more than half a million dollars for the children’s hospital through annual fundraisers like the December cookie bake, Dough For Doernbecher, its “largest fundraising event of the year,” which has been running for 30 consecutive years. In addition to its tradition of giving, Rivermark is also “leading the way when it comes to responding to our members’ needs,” Noble says. “We were the first credit union in Oregon to offer mobile deposit.”
Rivermark Hawthorne Branch, 2537 SE Hawthorne Blvd., 503.626.6600
Consolidated Community Credit Union
“The biggest way that Consolidated Community Credit Union (CCCU) supports the local economy is by participating in and/or hosting community events,” explains Marketing Coordinator Megan Augustin. With membership available to those that live, work, worship, own a business, or go to school in Multnomah, Washington or Clackamas counties, CCCU hosts annual activities for its community and small businesses, like sponsoring an auction with Youth, Rights & Justice, fundraising for Doernbecher Children’s Hospital, and hosting a BBQ “where we have food, giveaways and local business vendors,” Augustin says. “The local vendors are usually business members of ours so having them out on-site really helps get them some exposure among the community.” Augustin adds, “We understand that owning your own small business can be difficult and may not allow you to have access to all of the resources necessary,” so CCCU holds an annual shred day “where local community members as well as small businesses are encouraged to bring up their unwanted, confidential documents and shred them for free.”
CCCU NE Portland Branch, 2021 NE Sandy Blvd., 503.232.8070
CCCU NW Portland Branch, 2055 NW Savier St., 503.232.8070
OnPoint Community Credit Union
“The largest community-owned financial institution in Oregon with over 246,000 members and 22 branches,” OnPoint Community Credit Union was founded in 1932 by a “handful of schoolteachers” to create “opportunities for members to realize a better life,” says Marketing Services Manager Joan Doherty. These values continue today with OnPoint members sharing “their good fortune with their neighbors,” Doherty says, through programs that focus on education and financial literacy, community development, and youth and families, and by giving back to educational organizations like Schoolhouse Supplies, Friends of the Library and Friendly House. For small businesses in the Portland area, Doherty says OnPoint offers an array of basic services and guidance from business relationship managers who “are ready to help match small business owners with the tools they need to manage their money, so they can concentrate on what they do best—running their business.”
OnPoint 205 Place Branch, 9730 SE Washington St., 503.228.7077
OnPoint Lloyd Center Branch, 1720 NE 9th Ave., 503.228.7077
OnPoint NW 27th & Vaughn Branch, 2688 NW Vaughn St., 503.228.7077
OnPoint Rose City Branch, 6901 NE Sandy Blvd., 503.228.7077
OnPoint Sellwood Branch, 8085 SE 13th Ave., 503.228.7077
