OnPoint to Open 20 Branches in Oregon Grocery Stores in 2021

OnPoint Community Credit Union will add 20 branches inside stores of a regional grocery chain in Oregon and Washington next year, adding 200 employees and increasing its ability to reach potential members in its recently expanded area.

The Portland, Ore.-based credit union said in a news release Friday that the agreement with the Fred Meyer chain was “the largest branch expansion in OnPoint’s history.”

As Oregon’s largest credit union ($7.6 billion in assets, 413,290 members), OnPoint currently operates 36 branches, with four locations having opened in 2020 alone, and serves more than 415,000 members.

“As part of our unwavering commitment to Oregon and southwest Washington, we are always looking for new ways to expand our services and grow our presence to better assist our members,” OnPoint President/CEO Rob Stuart said.

“Fred Meyer serves as a community staple across the region, and when an opportunity arose to work with this local company while at the same time be more accessible to our members, we were thrilled to embark upon this new partnership,” Stuart said.

OnPoint’s new in-store branches will open on a rolling basis throughout the first half of 2021, with construction set to begin in January. Each branch will offer members a complete suite of financial services, including membership enrollment, consumer and commercial lending, mortgages, financial planning, ATMs and notarization.

Tory McVay, OnPoint’s SVP and chief retail officer, said co-locating with a major regional supermarket provides its members with convenient one-stop access to essential financial services.

“We are proud to not only help our members achieve their financial goals, but to also invest more deeply in our region and provide up to 200 new jobs to members of our community,” McVay said.

OnPoint’s expansion follows the credit union adding 15 counties to its charter in June 2020, increasing the total to 28 across Oregon and two in the Vancouver, Wash., area.

With this charter expansion, more than four million Oregonians are now eligible for OnPoint membership. The 15 counties added to OnPoint’s charter are Clatsop, Coos, Curry, Douglas, Gilliam, Hood River, Jackson, Josephine, Klamath, Lincoln, Morrow, Sherman, Tillamook, Wasco and Wheeler.

OnPoint was the 25th largest credit union in the nation as of June 30, when its assets stood at $7.3 billion, up 26.1% from a year earlier. Its membership had grown 7.7% to 403,316.

In the 12 months ending Dec. 31, OnPoint had net income of $100 million, up 25% from 2018. ROA was 1.74%, up 21 basis points. In the three months ending June 30, net income was $24.9 million, down 3.9%. Third-quarter ROA fell 37 bps to 1.43%. As of Sept. 30 it had 783 full-time and 51 part-time employees.

Fred Meyer Stores, based in Portland, has 132 stores in Alaska, Idaho, Oregon and Washington, each ranging in size from 65,000 to 200,000 square feet. Fred Meyer is a division of the Kroger Co., based in Cincinnati, which last year had sales of $122.3 billion.

“We are excited to welcome OnPoint Community Credit Union into our stores,” Jeffery Temple, director of corporate affairs for Fred Meyer Stores, stated. “Our customers rely on Fred Meyer to provide one-stop-shopping, so we look forward to offering a trusted community credit union to fulfill our customers’ financial needs.”