Rogue Credit Union finished 2016 with the highest membership growth and asset growth it’s experienced in 30 years, officials announced last week.
Rogue Credit Union, which has branches in Brookings, Harbor Gold Beach and Crescent City, “has continued to increase its footprint in Southern Oregon, with a focus on innovation while maintaining traditional banking services and touch points that are vanishing in today’s financial services industry,” according to a press release.
Rogue’s membership grew from 96,933 to 110,092, an increase of 13.6 percent in 2016, or more than twice the national average for credit union membership growth.
“Growth is not, and has never been, our strategy at Rogue Credit Union,” said President and CEO Gene Pelham. “Our commitment to taking care of our members has translated to one of the highest credit union membership growths in the country, which has resulted in increases across all areas of the credit union.”
Pelham added, “Our members want new technology, but they also want extended drive-up hours. We’ve found that by retaining traditional services like full-service branches with drive-ups, combined with the latest technology, we’re not only experiencing significant new membership growth, we’re seeing increased engagement from our current members.”
Rogue saw solid loan demand throughout the regions it serves, and its loan portfolio increased $125.5 million or 14.8 percent in 2016 to end the year at more than $974 million. This loan growth compares to an increase of $80.4 million or 10.5 percent in 2015.
Rogue Credit Union’s net income in 2016 was $19 million, compared to $15.7 million in 2015, an increase of 21 percent. Overall, deposits increased $190 million, or 20.1 percent, during 2016, far outpacing the $114.4 million, or 13.8 percent, deposit growth in 2015.
Rogue Credit Union’s equity position remains strong as the credit union ended the year with a 9.58 percent net worth ratio, well above the “well capitalized” regulatory requirement of 7 percent, Pelham said.
Rogue Credit Union is a member-owned, not-for-profit financial cooperative, with an asset base of over $1 billion and a loan portfolio of more than $974 million.