- Associated Press - Friday, May 1, 2015

PORTLAND, Ore. (AP) - An Oregon coastal credit union’s offices will remain open under a new owner after regulators liquidated the union.

The Oregonian reports (https://bit.ly/1GNBlpW ) that the Nation Credit Union Administration announced the move Thursday, saying Tillamook-based TLC Federal Credit Union had no chance of survival after it lost $3.7 million in 2014.

Longview, Washington-based Fibre Federal Credit Union acquired TLC’s membership base and the bulk of its assets.

Financial filings show TLC was undercapitalized at the end of 2014, with $6.7 million in cumulative losses and $5.8 million in reserves.

TLC was the largest credit union in Oregon. It originally served school employees but eventually opened to all area residents.

It has locations in Tillamook, Astoria, Seaside, Lincoln City and Newport.


Information from: The Oregonian, https://www.oregonlive.com

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