PORTLAND, Ore. (7/3/12)--Unitus Community CU in Portland, Ore., is the most recent Oregon credit union to receive a public funds deposit from the city of Portland, according to the Northwest Credit Union Association.
The city passed a Responsible Banking Resolution in May, beginning a process of working more closely with local financial institutions. OnPoint Community CU, a $2.93 billion asset Portland credit union, and Advantis CU, an $810 million asset credit union based in Milwaukie, Ore., each received deposits in May (Anthem
Eight financial institutions had received deposits from the city as of the end of last month, according to i
nformation posted on the city's website. Unitus, an $834 million asset credit union, was one of two additional institutions listed that had not yet taken a deposit.
Portland City Treasurer Jennifer Cooperman said the process had already started. "We couldn't legally say that the deposit was made as of May 31, so as of May 31, the two credit unions that had money on deposit from the city of Portland were Advantis and OnPoint. If you look in a couple weeks when we post the June 30 information, you will see some updates, some additions to that."
Laurie Kresl, Unitus' vice president of planning and business development, confirmed that the credit union received a public funds deposit in June. Cooperman couldn't disclose the details but said that "during the course of the month, we did make additional deposits." The eight deposits reported by the city in May were each for $250,000.