The $85 million Point West Credit Union of Portland, Ore., is more than willing to broadcast and celebrate its tale of coming back from the brink of a 2008 financial collapse.
The message about how a 10,000-member, multi-SEG credit union, down on its luck during metro Portland's deep recession and falling under NCUA prompt corrective action orders, took a number of painful steps to save the credit union from failure or merger has become the hot topic within the Northwest Credit Union Association.
The Point West financial restoration saga, as it is known, has quirky elements as well as lessons learned, not the least of which is that the credit union managed to overcome its challenges and regain new business under the reins of co-CEOs.
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