CU in Oregon closing four branches in Portland

PORTLAND, Ore. (4/28/09)--Oregon Community CU, based in Eugene, Ore., will close all four of its branches in Portland during the next month, according to local media.

Credit union officials told KMTR.com (April 23) that 26 employees would be affected by the closures.

The decision was a business decision--only 15% of members in Portland actually used the branches. Many members do their banking online banking, said the station.

Officials emphasized the credit union isn't under financial distress and that the institution is solid. However, the economy has hit Oregon hard with more than 12% unemployment, the nation's second-highest unemployment rate.

courtesy of cuna.org