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FINANCIAL INSTITUTIONS Rogue Credit Union nearing $1 billion in assets Comment By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Apr. 20, 2015 at 4:36 PM Updated Apr 20, 2015 at 4:47 PM By Greg Stiles Mail Tribune Posted Apr. 20, 2015 at 4:36 PM Updated Apr 20, 2015 at 4:47 PM » Social News Rogue Credit Union is knocking on the door of the "Billion Dollar Club." Expanding both in membership and territory, the Medford-based financial institution reported that total assets grew 11.5 percent year-over-year to $982.1 million during the first quarter of 2015. The credit union had total assets of $881 million at the end of March 2014 and is on a trajectory to boost assets by 16.5 percent. In the past year, Rogue Credit Union, which swapped out its federal charter for state charter at the start of 2014, has grown membership by 12.9 percent to 88,694 from 78,587. RCU opened 990 new accounts in March. Extrapolated to annual figures, the institution's growth rate is 12.8 percent, more than double the 5 percent national rate. President and CEO Gene Pelham attributes RCU's growing customer base to the decline of locally owned banking operations. "As more and more headquarters move to Washington, local people want to do business with local institutions," he said. "That's why they want to do business with People's Bank and us. We're attracting a much younger demographic now than our average membership. We're really excited about that." Of the 14,824 accounts added in 2014, 95.5 percent were consumer memberships and 4.5 percent were business memberships. At the end of the first quarter, RCU's business loans of $106 million comprised 10.8 percent of the institution's assets. Consumer loan production during the first quarter was $71 million, while new business loan production was $4.1 million. Following its $259 million acquisition of Chetco Credit Union in 2012, Rogue ranged from the Pacific to the Klamath Basin. It has more than 320 employees, including 244 in Jackson County, working at 14 branch offices. By the end of the year, Rogue will be open for business in Douglas County, as well. Ground-breaking for a 3,500-square-foot office in Roseburg, where one local and regional credit union presently operate, is set for this week. The need, Pelham said, stems in part from the mobility of its membership. "A lot of our members move or relocate, and those in Douglas County still want to be served by Rogue," Pelham said. "We've been asked by members in Roseburg and Douglas County for years. There are a lot of opportunities for us in Roseburg now." He said the office on Northeast Stephens Street, near Garden Valley Boulevard, between Walgreen's and Sonic Drive-In, is expected to open during the fourth quarter. Rogue's $7.5 million headquarters expansion at its complex next to Highway 99 has run into some delays, but Pelham hopes to move in July 1. A refurbishing of existing administrative offices will follow. The credit union reported a 2.1 percent return on assets versus a 1.4 percent return a year ago. The institution's network rose to more than $92.5 million from nearly $78.5 million in early 2014. Reach reporter Greg Stiles at 541-776-4463 or  [email protected] . Follow him on Twitter at  www.twitter.com/GregMTBusiness , on Facebook at  https://www.facebook.com/greg.stiles.31 , and read his blog at  www.mailtribune.com/ Economic Edge . By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Apr. 20, 2015 at 4:36 PM Updated Apr 20, 2015 at 4:47 PM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. 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