Together We Thrive. Vote YES for a Stronger Community!
Join us on October 24th @ 6:00 PM at the Lebanon Public Library for a special meeting regarding the charter change. Feel free to ask any questions you may have about this update.
Watch for your ballot in the mail or vote in person in our branches or if you join us on October 24th at the meeting!*
The Board of Directors of this Credit Union has given careful consideration to the advantages and the disadvantages of the proposed conversion and believes it to be in the best interest of the members for the following reasons:
All member accounts will continue to be insured by the National Credit Union Share Insurance Fund.
Once completed, mail to:
Linn-Co Federal Credit Union
PO Box 1074 Lebanon Oregon 97355.
Be sure to allow enough time for your ballot to be received if you choose this option.
*One vote per membership.
The Board of Directors and Management Staff have explored options to expand the field of membership into other surrounding Counties for several years. The current Federal expansion options have not provided a clear path forward. The State of Oregon is more open for State Chartered Credit Unions to provide services to multiple counties.
The Board and Management agree the ability to broaden our field of membership provides opportunity for long term growth. Oversight by State Regulators would have focus on State Economic trends which directly impact membership. Continued growth under a State Charter will contribute to the ability to provide progressive financial services to the membership.
An Oregon State Chartered Credit Union is regulated and supervised by the State of Oregon. A Federal Credit Union is regulated and supervised by the National Credit Union Association. When the State is silent on a regulation the NCUA regulations apply. A State Chartered Credit Union has examinations by NCUA and the State of Oregon. In both cases your deposits are insured by NCUA.
The charter change from Federal to State will allow greater flexibility in growth of our business and membership into neighboring counties. You will see no impact to your products and services due to the charter change. You will still be able to use your current check stock, the routing number and account numbers will not change.
You must be a member with a minimum age of 18. Please fill our the ballot in its entirety. This includes your printed name, account number, vote, signature, and date. Your completed ballot must then be placed in a sealed envelope and either mailed to the Credit Union or placed in the ballot box which will be in the lobby of each branch office.
Voting is open from October 1, 2023. All ballots must be returned by October 25, 2023.
You have 3 options for completing your vote.
You can disregard that ballot. Your vote will only be counted one time.
Votes will be counted by a group appointed by the Board of Directors.
If the Charter change is approved the conversion is scheduled to take place on January 1, 2024.
With a change from a Federal to a State Chartered Credit Union we would be required to remove “Federal” from the business name. The field of membership would expand to include Benton, Deschutes, Lane, Lincoln, Linn and Marion Counties in the State of Oregon. The name Linn-Co no longer applies since we should have six Oregon Counties. After an extensive process the name 44 North Credit Union has been selected. 44 North is the latitude for the new field of membership counties.