Nordstrom Shutters Oregon Store As It Pushes To Go Private

PYMNTS

Nordstrom is making the rare move to shut down a full-line department store in Salem, Oregon, a decision that will likely cost about 130 workers their jobs. After the Oregon location shutters, Nordstrom will still have three full-line department stores and six Nordstrom Racks in the state. The news comes as the Nordstrom family is looking to resume their efforts to push their chain private later in the year.

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Oregon-Based Simple Bank Laying Off Nearly 10 Percent Of Workforce

PYMNTS

Portland, Oregon-based online bank Simple reduced its workforce by nearly 10 percent earlier this week, marking its second round of layoffs in 2017. According to a report in the Oregonian , the company is also letting go of five members of its executive team. “We We have been focused on growth instead of innovation,” wrote Josh Reich, Simple ‘s chief executive officer and co-founder, in a blog post cited by the news report.

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Oregon’s TriMet tests virtual transit payments

Payments Source

Android Pay OregonTriMet is the latest U.S. mass-transit agency to announce a program modernizing its payments and ticketing system.

Mid Oregon Acquires $21 Million High Desert Bank

Keith Leggett's Credit Union Watch

Mid Oregon Federal Credit Union (Bend, OR) has completed its acquisition of the assets and liabilities of High Desert Bank (Bend, OR). Mid Oregon has $289 million in assets. The agreement has been in negotiations for several months and received regulatory approval at the end of May. The transaction closed on June 15. High Desert Bank has one office and approximately $21 million in assets. Read the story. Bank Credit Union Mergers Bank-Credit Union Transaction

MAPS CU Serving Oregon Marijuana Industry

Keith Leggett's Credit Union Watch

Jefferson Public Radio is reporting that MAPS Credit Union (Salem, OR) is providing banking services to marijuana businesses. The story notes that MAPS Credit Union has opened more than 100 accounts for marijuana businesses. According to the story, the credit union extensively vets account holders, including visiting their businesses to make sure they are not doing anything illegal.

Oregon State CU Moves into New HQ Building

Keith Leggett's Credit Union Watch

Oregon State Credit Union (Corvallis, OR) has moved into its new 65,000 square-foot headquarters building. Among the amenities in the new headquarters building are a courtyard and a locker room with showers for employees. The $1 billion credit union is pursuing LEED certification for the new building. Read the story.

Director Compensation Becomes the Law in Oregon

Keith Leggett's Credit Union Watch

Oregon has become the latest state to allow credit unions to pay their directors. On June 16 Governor Kate Brown signed into law a bill ( S 582 ) that will permit state chartered credit unions to provide reasonable compensation to directors and supervisory committee members. In addition, the bill eliminates the requirement that a person purchase a share as a condition for membership at a state-chartered credit unions.

Best 43 Fun Things to Do in Portland, Oregon – Activities & Attractions

Money Crashers

Not to be confused with its older, much smaller Maine namesake, Portland, Oregon is the Pacific Northwest’s second-largest city – the anchor of a metropolitan area some two million people strong.

Oregon State Credit Union Breaks Ground on New $18 Million HQ Building

Keith Leggett's Credit Union Watch

Oregon State Credit Union (Corvallis, OR) broke ground this week on a new $18 million, three-story, 62,000-square-foot headquarters building. Work on the new building is getting underway as the credit union transitions from a federal to state charter and will see an expansion of its service area from 5 Oregon counties to as many as 24 Oregon counties.

Oregon Bill Would Allow Directors to Be Paid

Keith Leggett's Credit Union Watch

Oregon is the latest state to introduce a bill (SB 582) that would permit a credit union to pay directors and supervisory committee members reasonable compensation for directors’ or committee members’ services. The movement to pay credit union directors continues to move forward at the state level.

Three CU Bills Introduced in Oregon

Keith Leggett's Credit Union Watch

Three bills have been introduced in Oregon that would subject state chartered credit unions to the state''s corporate excise tax, additional reporting standards, and an affirmative obligation to meet the credit needs of members. House Bill (H.B.)

Wash. bank expands to Oregon in $16M deal

BankThink

Northwest Bancorp in Spokane said it has agreed to acquire the $131.1 million-asset CenterPointe Community Bank in Hood River, Ore. M&A Community banking

Report: Oregon CUs Poor Record of Mortgages to Low-Income Borrowers

Keith Leggett's Credit Union Watch

A report analyzing Oregon credit unions’ mortgage lending found the industry made 11,775 home mortgage loans in 2013, but less than one percent – 96 mortgages - went to low-income households. According to the report, Of the 11,775 mortgages originated by Oregon credit unions last year, less than one percent – 96 mortgages - went to low-income borrowers - less than one percent. Oregon credit unions made 18 mortgage loans on homes of $1 million or more.

HomeStreet to Buy Oregon Branches from Bank of Oswego

American Banker

HomeStreet in Seattle has agreed to buy two branches in the Portland, Ore., area from Bank of Oswego. breaking_news community-banking wa or m-a dealmaking-strategy

Oregon Governor Kate Brown visits credit union advocates

CU Insight

In one of her first public appearances since taking office February 18, Oregon Governor Kate Brown visited with advocates at Oregon Credit Union Day at the Capitol. Prior to becoming Governor she served as Secretary of State, and as Majority Leader of the Oregon State Senate.

Oregon CUs Can Accept Public Funds In Excess of Deposit Insurance Limit

Keith Leggett's Credit Union Watch

Yesterday, qualified Oregon credit unions could start accepting public deposits in excess of the federal deposit insurance limit through the Oregon Credit Union Public Funds Collateralization Program. The credit unions are Unitus, Pacific Crest, OSU Federal Credit Union, OnPoint, Advantis, MAPS Credit Union, Northwest Community, Old West, Wauna Federal Credit Union, and Oregon Community.

Cascade in Oregon Promotes Reeves to President, COO

American Banker

Cascade Bancorp in Bend, Ore., has named a new bank president and chief operating officer, as its chief executive hands over some of his leadership responsibilities. breaking_news people recruitment succession-planning or community-banking

Hemp legalization could be boon for banks

BankThink

Ag lending Agriculture industry Law and regulation Kentucky Colorado Vermont Oregon North CarolinaBanks were reluctant to offer services to an industry that had a hazy legal status. That’s about to change.

First Interstate in Mont. to Buy Cascade in Oregon for $590M

American Banker

The $9 billion-asset First Interstate said in a press release Thursday that it will pay $589 million, or $7.60 a share, for the $3.2 billion-asset Cascade. breaking_news community-banking dealmaking-strategy

Umpqua forms investment bank to advise on M&A, capital raises

BankThink

Investment banking Career moves Commercial banking Commercial lending Umpqua Bank OregonUmpqua has taken a cue from other regionals that have found success in investment banking.

Jail time for two former bankers in fraud case

BankThink

Community banking Fraud NPL HomeStreet OregonDan Heine and Diana Yates were accused of hiding Bank of Oswego's condition by inaccurately reporting bad loans.

VBlog: Three Ways to Remain Close to Customer Using the Bank Division Approach

Jeff For Banks

bank charters bank divisions EDP Fulton Bank glacier bank mercantile bank Oregon Bankers Association Susquehanna Bank Utah Bankers Association Washington Bankers Association zions bank

Grand plan, local connections led this bank to a pivotal acquisition

BankThink

People's Bank of Commerce in southern Oregon decided it had to diversify to survive, so when a director heard a factoring firm he co-founded was up for sale, the bank seized the moment. Community banking Growth strategies Commercial lending Fee income M&A OregonNow it has other deals in mind.

‘Still a real need for … human interaction’ in retail banking’s future

BankThink

Growth strategies Community banking Regional banks Capital Digital banking OregonTory Nixon, who became Umpqua's chief banking officer this spring, is trying to drive more customers to use mobile banking (only 15% do so now industrywide) without alienating them in the process.

Heritage Financial makes bigger push into Portland, Ore., with bank deal

BankThink

Community banking M&A Capital Growth strategies Washington OregonThe company has agreed to pay $89 million for Premier Commercial Bancorp. The acquisition would significantly increase its branch presence and lending in the Portland area.

Oregon joins the ranks of states permitting credit union board compensation

CU Insight

On June 16, Oregon governor Kate Brown signed into law a bill that will permit reasonable [ 1 ] compensation for members of state-chartered credit union boards of directors.

Bankers Tell Me Their Top Industry Game Changers

Jeff For Banks

This week I did my annual tour of the West, teaching Bank Profitability in the Executive Development Program for the Washington, Oregon, and Utah Bankers'' Associations. Special thanks to the talented bankers in Washington, Oregon, and Utah.

Regulators grapple with fallout from Justice Dept. U-turn on pot

BankThink

Marijuana banking Small business Consumer banking Law and regulation Risk management Jeff Sessions FinCEN OCC Federal Reserve FDIC NCUA Treasury Department DoJ California Colorado OregonAttorney General Jeff Sessions did not keep the rest of Washington apprised of his plan to rescind an Obama-era memo on pot. Now Fincen and other federal banking agencies are dealing with the backlash from that decision.

For banks, DOJ reversal on pot will have 'chilling effect'

BankThink

Marijuana banking Marijuana industry Compliance Commercial banking Jeff Sessions Colorado Maine Massachusetts Oregon California Washington Nevada AlaskaAttorney General Jeff Sessions’ decision to rescind an Obama-era directive that helped foster the marijuana sector’s growth raises new risks for banks and credit unions that do business with growers and dispensaries.

M&A road map: Where the bank deals are happening

BankThink

Consolidations Community banking North Carolina Indiana California Oregon New York TexasWhile industry consolidation remains slow compared with previous years, certain regions are humming along with strong volume and improved pricing. Here’s a look at each region based on June 30 data from KBW and S&P Global Market Intelligence.

Nordstrom Faces More Brick-And-Mortar Closures

PYMNTS

At the beginning of 2015, the retailer also shuttered two of its five locations in the area of Portland, Oregon. Additionally, the retailer closed a Salem, Oregon store at the beginning of 2018 and a Washington, D.C.-area

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Can Pivotus Help Save Banks from Themselves?

Bank Innovation

Just last year, the Portland, Oregon-based corporation performed the rare feat of upgrading its core Read More. Pivotus Ventures, a new venture capital firm launched by Umpqua Holdings Corporation, believes that drastic action is needed to keep banks relevant in the coming years.

Idaho, Oregon Deals On 21-Month CDs

Bankaholic

Idaho Central Credit Union and Icon Credit Union are paying 1.5% APY, which is more than the best nationally available return on 24-month CDs. CD Rates 21-month cds certificates of deposit icon credit union idaho central credit union

LuLaRoe Founders Accused Of Hiding Millions From Creditors

PYMNTS

So in September, she contacted the attorneys general in both her home state of Oregon and in California , where LuLaRoe is based. The response the Oregon AG received from the company is that it was processing the refund requests, but that it’s a “time-consuming process.”. “I

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In the Digital Evolution of Entertainment, Data Gets a Starring Role

Dataconomy

In July 2018, in Bend, Oregon, the last standing Blockbuster store shut its doors for good. The digital revolution has completely changed the way we buy and rent movies.

KeyBank, Cardtronics expand business partnership

ATM Marketplace

The companies' latest agreement will give KeyBank customers access to 200 surcharge-free Cardtronics ATMs in Washington and Oregon

Umpqua 4Q profits rise on loan growth, tax reform

BankThink

The Oregon company grew commercial and consumer lending in the fourth quarter, even though fee income declined sharply. Earnings Commercial lending Consumer lending

SAFE Banking Act Gains Cannabis-Friendly Spotlight In Congressional Hearing

PYMNTS

Over the last two years, more than $500 million worth of cash deposits from the legitimate cannabis business has flowed into Maps Credit Union in Salem, Oregon. Legal marijuana sellers want bank accounts just like any other business.

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Former pot president starts prison sentence for CU fraud

CU Insight

The former president of the Oregon Retailers of Cannabis Association will start his two-year prison sentence Thursday after he pleaded guilty to stealing more than $700,000 from a dozen credit unions and a bank. Saulsberry Oregon Retailers of Cannabis Association prison

Indochino Eyes Expansion In 2019

PYMNTS

And five additional locations will open on the West Coast, with three in California — Roseville, San Diego and San Jose — plus Portland, Oregon, and Bellevue, Washington. Indochino , the digitally-native made-to-measure menswear brand, has plans to expand in 2019.

Instacart Expands Alcohol Delivery Across The U.S.

PYMNTS

Instacart alcohol delivery is now available in California, Connecticut, Florida, Illinois, Kentucky, Massachusetts, Minnesota, Missouri, North Carolina, Ohio, Oregon, Texas, Virginia, Washington and Washington, D.C.

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Senate committee passes crucial marijuana reform bill

CU Insight

Four states have legalized marijuana like alcohol — Alaska, Colorado, Oregon and Washington. Compliance/Regulation Uncategorized Alaska Bill Piper CBD oils Colorado Congress Marijuana Reform Bill marijuana reforms Oregonby: Bill Piper.

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Stealing from 12 credit unions: Former pot president pleads guilty

CU Insight

The former president of the Oregon Retailers of Cannabis Association pleaded guilty last week to stealing more than $700,000 from a dozen credit unions and a bank. Saulsberry Oregon Retailers of Cannabis Association Peter Strozniak

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