What is a credit union?

A credit union is a cooperative financial institution designed to serve groups that share something in common, such as where they work or live. These not-for-profit financial organizations are owned and controlled by the people who use its services — its members. Typically this provides credit union members with a unique financial advantage, since credit union earnings are generally returned to members in the form of lower loan rates and fees, and higher rates on deposits. Credit unions are also managed through a volunteer board of directors and supervisory committee, not stockholders, making credit union membership truly beneficial to its members.

How did we begin?

NW Preferred Federal Credit Union was established in May 1940 to serve the employees of Farmers Insurance Group in Portland, Oregon. We started with 64 members and, by the end of the year, $1,907 in assets.

In October 1999, we were presented with a unique opportunity to expand our membership charter by acquiring North Santiam Community Credit Union in Stayton, Oregon. This branch office serves anyone who lives or works in the greater North Santiam communities of Stayton, Aumsville, Sublimity, Lyons, Gates, Mill City, Detroit, Idahna and Mehama.

In 2003, NW Preferred Federal Credit Union was awarded the nation's first TIP charter allowing us to expand to serve licensed insurance professionals in Oregon, Washington and Idaho.

Having different fields of membership provides us with unique challenges and opportunities to better serve all our members and provide them access to "the Credit Union Difference." We look forward to these challenges, as well as continued growth as we welcome new members into our growing and diverse Credit Union community.