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.
Your money is safe with Mid Oregon
Silicon Valley Bank (SVB)—the 16th largest bank in the U.S. and previously among Forbes’s list of top financial institutions—was shuttered by regulators on March 10, 2023. This was the second-largest bank failure in U.S. history with Washington Mutual being the largest at the height of the financial crisis in 2008. State regulators also closed New York-based Signature Bank on March 12. Developments will continue to unfold in the coming weeks. Your money is safe with Mid Oregon.
Between these recent headlines about the banking industry and the continued uncertainty of the global economy, this felt like the perfect time to remind you that Mid Oregon is here for our members—safe and strong—just as we have been since 1957.
Many of you who attended our Annual Meeting on March 4 heard that Mid Oregon is financially secure. We meet (or exceed) regulatory standards for well-capitalized financial services providers, and are well-positioned to meet our members’ financial services needs, including loans and savings opportunities.
Here are a few key points to keep in mind:
- Our top priority is protecting your finances. At Mid Oregon, all member accounts are insured by National Credit Union Share Insurance Fund (NCUSIF) to at least $250,000 per individual. If a member has over $250,000 on deposit, options are provided for additional share insurance coverage.
- Credit union members have never lost a penny of insured savings at a federally insured credit union.
- Mid Oregon is very well capitalized, with total capital exceeding 10% of assets.
- Our loan quality indicators are among the best in the industry.
- Our portfolio is diverse and not dependent on a sole industry. The failed banks are much different—they had unique portfolios, focused on tech, venture capital, and cryptocurrency interests.
- Mid Oregon invests primarily in loans to Central Oregon members and businesses to help our local economy. SVB catered to tech start-ups and the venture capital community.
- Less than 7% of Mid Oregon’s member deposits are uninsured, and spread across individuals and small businesses in Central Oregon. This is a very different deposit base than SVB.
- Mid Oregon maintains emergency liquidity resources that exceed 10% of total assets.
- As of today, Mid Oregon has no balance outstanding on its credit lines.
- We do not have stockholders. We do not engage in risky practices to meet stockholders’ profit demands. Our cooperative, not-for-profit structure inherently holds us accountable to you and the other Mid Oregon members.
- We have a loyal member base that chooses us for convenience and quality service.
Your Money is Safe with Mid Oregon
The bottom line is that Mid Oregon is healthy, strong, safe, local, and focused on building thriving communities.
Please contact us if you have any questions—our leadership team would be happy to discuss the safety and soundness of Mid Oregon further with you. Additionally, you can send a message through the “Contact the President” link or by calling or texting us as 541-382-1795. If you would like more information about the SVB closure, we have put together a Frequently Asked Questions sheet.
And if you ever do experience financial hardship, please reach out to us. Our experienced staff is here to help with solutions and assistance for your unique situation.
Additional Resources:
Figuring Out Tax Withholding
Are you getting more than $2,000 in your tax refund every year? If you are, you may be over withholding, which means you’re giving the federal government an interest-free loan for the year. Under withholding means that, when you file taxes, you owe the Internal Revenue Service (IRS) money. Figuring out tax withholding can make a big difference.
Withholdings
If you’re getting money back, ask yourself two questions:
- Do you have credit card bills?
- Do you have an emergency fund to rely on if you become unemployed?
If you answered “yes” to the first question and “no” to the second one, getting a big tax refund is not the best plan. The refund is money you could have used all last year to pay off bills and to beef up your emergency fund.
In figuring out tax withholding, to find the right amount of withholding so you break even on your taxes, look at last year’s tax bill. If the amount you had withheld was close (your refund was small) and you haven’t had major lifestyle changes, such as getting married or having a baby, then you’re probably safe to leave your payroll withholding the same. If you owed a lot or received a large refund, then you might want to adjust your withholding.
Adjusting your W-4
The more allowances you claim on your W-4, the less income tax will be withheld. The fewer claimed, the larger the withholding amount.
If you’re getting a large refund, visit your employer’s payroll or human resources department and change your W-4 form, which establishes how much your employer withholds for taxes each paycheck. Use this calculator and the tax form you just completed to answer its questions, and see how adjusting your withholding affects your take-home pay. By increasing your allowances, you could see a few hundred dollars more in your paycheck each month.
Now figuring out tax withholding won’t help much if that extra money just slips through your fingers. So, take one more step and set up direct deposit to put that newfound cash into your emergency fund account every payday. Trust me—a full rainy-day fund feels a lot better than a once-a-year tax refund.
Keep in mind that everyone’s tax circumstances are different. Work with an independent professional tax adviser or a tax specialist at your credit union before making tax-related decisions.
Read more articles about income tax tips
Save up to $15 on Intuit TurboTax. Mid Oregon Credit Union has teamed up with TurboTax to help you save. Get your taxes done right and your maximum refund, guaranteed.
Prepare Finances Before Buying Your First Home
Thinking about buying your first house? Prepare Your Finances Before Buying Your First Home. To make the preapproval process seamless, gather these financial documents:
Before Buying Your First Home Check Your Credit
- Your credit report – Obtain a copy as early as possible and scour it for accuracy. If time permits, pull your credit report three months before you seek pre-approval so you have time to correct any issues or mistakes. Each major credit bureau must provide one free credit report annually to consumers requesting a copy. To obtain a report visit annualcreditreport.com. Usually, it works well to order one report every four months from a different credit bureau. But when your plan is to buy a house, check all three at once. Save up your “free” reports in the year until you’re ready to start looking for a house. Your goal is to identify discrepancies between the reports as well as to monitor your credit standing.
Necessary Paperwork
- W-2 forms – Make copies from the past two years.
- Paystubs – Copy your two most recent ones, before buying your first home.
- Financial account statements – Collect statements (including retirement accounts) from the past few months.
- Lines of credit – If you have opened any in the past six months, you’ll need copies of those statements as well, since they might not show up on your credit report.
- Information on vehicles you own – Include make, model, and resale value.
Your Loan Information
- Credit card account information – Include numbers and types of cards, balances and minimum payments.
- Auto-loan account information – Include account numbers and statements.
- Other loan account information – Think student loans and personal loans.
Money For Down Payment
- Gifts– If you’re fortunate enough to have any money for your down payment gifted to you, identify how much and where it will come from. Before buying your first home be prepared to document that it’s a gift and not a loan.
Ready to Go?
Once you have all your documents and personal financial information assembled, you’re ready to get preapproved at Mid Oregon Credit Union. Stop in to one of our 7 Central Oregon branches or apply online today.
To find out if we have any free home-buying workshops coming up, check our Financial Workshops page on MidOregon.com.