Facts about Oregon State University and Oregon State Credit Union

Here are some early history fast facts about the OSU roots that started Oregon State Credit Union in its formulative years on campus.

  • Oregon State Credit Union was founded in 1954 as Oregon State College Federal Credit Union by OSC Associate Professor of Agriculture Bob Coyle.
  • The credit union was started with working capital of $25. Professor Coyle kept the credit union’s records in a shoebox in his desk in Snell Hall (now Ballard extension Hall).
  • Credit Union membership was initially open exclusively to the University faculty.
  • If a member needed a loan, Professor Coyle took his shoebox from room-to-room collecting deposits until he had enough needed to cover the loan.
  • Any withdrawal or loan of more than $300 required a two-week notice to give Professor Coyle sufficient time to secure the needed funds.
  • On one occasion, a member wanted to deposit approximately $1,000. The money could not be accepted as it was more than a quarter of the net deposits.
  • In 1955, our name was shortened to O.S.C. Federal Credit Union.
  • The credit union remained on campus until 1961 when it opened its first off-campus branch at 1605 NW Monroe in Corvallis.
  • Oregon State College was renamed Oregon State University in 1961, and the credit union’s name was changed to O.S.U. Federal Credit Union.

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