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County pulls 5 million comp funds from CU
OREGON CITY, Ore. (2/20/09)--Clackamas (Ore.) County’s decision to withdraw the $5 million it had deposited at Clackamas Community FCU is hurting the credit union. The county had deposited the funds as part of its employee deferred compensation program, but now will invest the withdrawn money with ING, a Dutch financial conglomerate (blog.oregon.live.com Feb. 19). While the county’s decision to consolidate accounts and pare down fees that employees will have to pay is understandable, the matter could have been handled better, credit union officials told the news outlet. The withdrawal of the $5 million was a big hit for the $178.7 million asset, Oregon City, Ore.-based credit union to absorb, Barry Rotrock, Clackamas Community FCU board chairman, said. Rotrock said the credit union could have put together a very strong offer if it had been allowed to bid to manage the account.


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