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About Providence Credit Union
 History
Providence Health System Federal Credit Union started as two “shoebox-sized” organizations. In 1962, St. Vincent Portland Federal Credit Union was the first to be chartered, with memberships consisting of St. Vincent employees and their families. Seven years later, in 1969, the second credit union was formed. It became known as Providence Portland Employees Federal Credit Union. Therefore, with a small handful of depositors, a borrowed employee, and a volunteer Board of Directors, two small groups of employees started their own not-for profit employee credit unions. Both credit unions provided the medical industry employees competitive loan and deposit rates, convenient services as well as a strong commitment in guiding members to a brighter financial future.
In 1997, the two credit unions decided to merge together to help build one successful and promising credit union -- Providence Health System Federal Credit Union. It is now one of the largest credit unions in Oregon and Washington that serves employees and their families of the Health Care Industry. Together we continue to stay true to our mission by building trust and passion for our employees and members.
Mission Statement
As a member-owned and directed organization, our mission is to provide secure, convenient financial services, in a personal, caring and professional manner. Providence Credit Union is dedicated to optimizing value to our membership through low-cost financial services and efficiency while planning for sound operational growth.
Giving Back: Our Charitable Fund Program
Providence Credit Union is deeply ingrained in giving back to our sponsor and community. We continue the tradition of charitable giving by volunteering, supporting and participating in many worthy charitable causes that serves the needy across the Pacific Northwest. Our members play a big part in helping us fund our Charitable Fund Program, which in turn goes to the following non-profit organizations:
- Providence Child Center for Medically Fragile Children
- Providence Milwaukie Hospital Foundation
- Blanchet House of Hospitality
- Credit Union House
- Credit Union for Kids
- Susan G Komen Race for the Cure
Safe, Sound & Strong for 46 Years
You may have read in the Wall Street Journal, Friday, March 20, 2009, or heard in the local news that the National Credit Union Administration (NCUA) announced late Friday that they have placed U.S. Central Federal Credit Union, Lenexa, KS, and Western Corporate Federal Credit Union, San Dimas, CA into conservatorship to stabilize the corporate credit union system and resolve balance sheet issues. To help clarify, these two credit unions ARE NOT regular credit unions like ours that serve consumers. Rather they provide liquidity, investment and payments services to credit unions like ours. These two “corporate” credit unions have been placed into conservatorship – meaning they are still operating normally but the U.S. government has stepped in to help stabilize the corporate credit union system and resolve balance sheet issues.
Because of the nature of what these corporate credit unions do, they operate in the capital markets and hold highly rated investment grade security. And like so many in those markets, they have seen the value of their investments decline in the current economic downturn, resulting in some actual losses. Therefore, because the losses were significant enough, the government stepped in.
But what does this all mean for members of Providence Credit Union? It’s business as usual. The same level of quality products and services you receive from us will continue. Our service to you is not affected by these government actions. Your funds here are perfectly safe. Remember, you share accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund backed by the full faith and credit of the U.S. Government.
Plus, Providence Credit Union remain extremely strong and viable with over 14.50% capital ratio, which is well above the 7% credit union industry standard for being “well capitalized” and higher than the banking industry’s average of about 9%. We’ve been serving our members for 46 years, through good times and bad. We are well positioned to remain strong and will continue to serve you for many more.
And, just a week ago, the Wall Street Journal published a big article pointing out that while some of these “corporate” credit unions have had problems, in today’s economy regular credit unions, like Providence Credit Union, continues to be a safe haven and offer great value. Click here for the article.
Thank you for turning to us for answers. We will continue to keep you posted and informed. After all, we are all in this together.
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