The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
November 2016 Mid Oregon President’s Message- Paddling Under the Water
Picture a duck swimming across a pond; it glides across the water effortlessly. Under water, however, its feet are paddling like mad. Somewhat like a duck, we have been working like mad making tremendous changes within the credit union. I’m proud to say that while big changes are often stressful, our staff has weathered the storm with good attitudes keeping member service the priority. In this November 2016 Mid Oregon President’s Message, I’ll share a little about those changes.
La Pine and Sisters Branches
In June, we held the grand opening of our long awaited La Pine Branch. Over 800 people from the community attended the celebration providing a very warm welcome. Since then, the La Pine staff has opened over 400 new accounts for savings, checking and loans.
We are in the process of opening a branch in Sisters as soon as some remodeling and staff training is completed. Mid November is the expected timing.
New Admin Building and Staff Relocations
In addition to the two new branches, literally all non-branch employees have been on the move. We purchased and are completing a remodel of an administrative headquarters building at the corner of 18th and Empire in Bend. This office houses our controller, accounting department, card services, training, marketing, compliance staff, operations, membership development, admin, HR, sales managers, and the executive team. Loan underwriting and mortgage departments are now at the Olney office while the contact center, collections, Commercial Services, IT, and Mid Oregon Wealth Management all have new offices at East Bend.
All of this is nearing completion and as I have said, hopefully with little or no impact on the high level of service we have provided you. Demand for service from the Credit Union is growing fast. Thank you for your patience as we do our best to keep paddling.
Bill Anderson
Mid Oregon Credit Union President and CEO
Credit Unions Offer the Best Auto Loans
Did you know that Credit Unions offer the best auto loans? That can be very important, as the average cost of a new vehicle today is around $30,000.
Vehicles Second Largest Expenditures
The purchase of a car likely will be the second largest expenditure you have, second only to the purchase of a home. Whether you desire the shiny, brand new one, or if you are content with finding a reliable used one, we want to help you to get the most for your money.
Here are five reasons it makes more sense to get your loan through us:
1. Loan Approval. With us, you have a better chance of getting your loan approved. Even though the loan application process is the same and the underwriting process is similar, the credit union may make some adjustments that a commercial bank would not. Many credit unions are also more inclined to listen to its members’ needs and unique situations—sometimes adjusting terms of a loan accordingly.
Lower Rates Save You Money
2. We have lower rates. A five-year term is the most common loan term for a new or used car, and rates at a credit union are typically much lower than the average rate at a competitor bank. The savings in interest alone is a major reason to consider this financing. In a recent CUNA (Credit Union National Association) report, financing a $25,000 new automobile for 60 months at an Oregon credit union would save members an average of $107 per year in interest expense compared to what they would pay at another type of financial institution in the state. Just think of what you can do with that money.
Service Is Still Important
3. We provide personalized service. Because we are a are not for profit organization and work to provide members with high-quality services, you can openly discuss your concerns about your loan, talk about flexible repayment options and review your financial situation with a dedicated professional. This can alleviate some of the pressure of applying and securing financing for your new or used vehicle and you can be more confident that the credit union is working with your best interests in mind.
4. We offer educational resources. Many credit unions will provide information such as financing options and how to make the best decisions when assessing the value of your car purchase. If you’re a first-time car buyer and apprehensive about the loan process, you can turn to a credit union for unbiased answers.
5. We offer a non-sales approach. Unlike other financial institutions, which often grant their lenders bonuses or some type of compensation for the loans they get approved, credit unions, as not-for-profit financial institutions, work for their members and aren’t driven to sell you anything that equates to extra money in their pocket.
Benefits of Being In a Cooperative
All profits from members end up going back to them in the form of lower rates on financial products and more flexible loan options. If you don’t like the pressure of working with other lenders, a credit union is the answer. You should find out that credit unions offer the best auto loans. To find out more, call us at (541) 382-1795, email us at info@midoregon.com or visit one of our Central Oregon branches.
Preston Thompson Guitars
Earlier this year, Mid Oregon Credit Union Commercial Services provided Preston Thompson Guitars of Sisters with financing to help them expand their business. We appreciated Preston Thompson and his team coming to us, especially in light of our new Sisters branch opening later this year.
Preston Thompson, Master Guitar Luthier
Thompson, who has built guitars since the 1970’s, is a “master guitar luthier”, and has worked with some of the greats in his field. From pktguitars.com:
“Discovered by bluegrass virtuosos Charles Sawtelle and Peter Rowan in the 1980s, Preston has built a reputation for handmade, original vintage guitars. He got his start building guitars under Charles Fox at the School of the Guitar Research & Design Center in Vermont, the first school for guitar makers in North America.
“During the 1970s, he honed his guitar-making skills at the legendary Randy Wood’s Old Time Pickin’ Parlor, the center of Nashville’s bluegrass music jam scene. In the 1980s, Preston’s custom acoustic guitars attracted the attention of the top flatpicking and fingerstyle guitarists in the world.” Read more about Preston Thompson…
How Mid Oregon Helped PK Guitars
Recently we caught up with Preston Thompson Guitars’ Christine Funk, who offered these thoughts on how Mid Oregon has helped their company:
How did this loan impact your business?
Christine: This loan was critical for Thompson Guitars to expand and continue to grow their business. Having a line of credit to count on for cash flow ups and downs gave us a sense of security as we moved quickly forward with purchasing inventory and creating a larger brand presence in the marketplace. Also the small equipment loan helped speed up our processes with new and improved jigs, fixtures and larger pieces of equipment to fill guitar orders in a more timely manner so that we can accommodate more orders. We also were able to replace a high interest short term loan with a longer lower interest loan from Mid Oregon Credit which helped out our monthly expense total.
Any comments about Mid Oregon?
Christine: Mid Oregon Credit has been helpful every step of the way from the loan process, providing a list of items they needed to complete the loan and making it a quick the turn around for both the credit line and equipment loan to keep our company growing. We have a great team at Mid Oregon Credit that we can ask questions to and feel they are a part of our business helping us to be successful. They provide a very personal touch with coming out to visit our shop to check on progress even after the loans were put into place.
More about Preston Thompson Guitars:
Preston Thompson Guitars
Website: pktguitars.com
Address: 352 E Main Ave, Sisters, OR 97759
Mailing Address: PO BOX 250, Sisters, OR 97759
Phone: (541) 588-6211
From their workshop in the music-loving town of Sisters, they build custom guitars and standard models based on the best American made guitars from the 1930’s. The choice of Grammy-winning flatpick and fingerstyle guitarists alike, Preston Thompson Guitars are among the best acoustic guitars available anywhere, renowned for superior tone, craftsmanship and materials.