The history of Oregon State Credit Union
It all began with a shoebox and $25. In 1954, Bob Coyle, an Associate Professor of Agriculture at then Oregon State College (now Oregon State University), founded Oregon State Credit Union to serve the unmet financial needs of faculty. With an initial $25 start-up fund kept in a shoe-box, he originally ran the credit union from his desk in Snell Hall (now Ballard Extension Hall).
In those early days, when a member needed a loan, Mr. Coyle went from member to member, shoebox in hand, to pull together the necessary deposits to cover the request.
Mr. Coyle put together an official charter and a board of directors comprising members who volunteered their time and shared his passion for the credit union philosophy. Through careful, conservative management, the credit union grew year by year in capital strength, services and field of membership.
By 1960 Oregon State Credit Union had reached its first $1 million in deposits and Mr. Coyle became its first paid manager. The following year the first off-campus branch was opened in Corvallis, Oregon at 1605 N.W. Monroe.
Today, the credit union is a thriving not-for-profit financial cooperative able to help even more communities. We are a state-chartered credit union serving members in 24 counties in Oregon.
The credit union was started for the benefit of our member-owners. We continue to create financial solutions that make lives better.
Mr. Coyle’s philosophy is also still at work today: “Your credit union is in business for one purpose only — to serve the needs of its members.”
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