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Tuesday, March 19, 2024
March 19, 2024

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‘Undercapitalized’ Oregon credit union liquidated

The Columbian
Published:

PORTLAND — Federal regulators liquidated an Oregon credit union Thursday after deeming it had no chance of survival. Its offices will remain open under a new owner.

Tillamook-based TLC Federal Credit Union was the largest credit union on the north coast, with 13,375 members concentrated in Tillamook, Lincoln and Clatsop counties. But the $109 million institution was struggling to stay afloat. It lost $3.7 million in 2014, according to federal financial documents.

The National Credit Union Administration announced the move late Thursday, saying it had determined TLC “was insolvent with no prospect for restoring viable operations on its own.”

The agency said Fibre Federal Credit Union acquired TLC’s membership base and the bulk of its assets, which included a $61 million loan portfolio. The Longview institution plans to keep open the former TLC branches.

Financial filings described TLC as “critically undercapitalized” at the end of 2014, with $6.7 million in cumulative losses and $5.8 million in reserves. It had a negative net worth.

TLC, which brought in a new CEO in December, was the 24th-largest credit union in Oregon. It originally served school employees but eventually opened to all area residents.

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