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.
Mid Oregon Reaches $300 Million In Assets
Mid Oregon reaches $300 million in assets
Today we announced that our assets had grown to exceed $300 million for the first time as of June 30, 2018. Mid Oregon credit union, which is the only financial institution headquartered in Central Oregon, cited a healthy economy, strong lending demand, and a focused growth strategy for the accomplishment.
“The Mid Oregon Executive Team has been preparing our team for smart growth for the past several years,” says Bill Anderson, Mid Oregon CEO. “By establishing and maintaining our focus on our Key Results—including growth in membership and overall member relationships—our entire team has worked together to consistently exceed our growth goals while maintaining our high standards for member service and convenience.”
From $200 Million in 3 Years
Mid Oregon achieved the $200-million-asset milestone in May of 2015, and crossed over $100 million in assets in July of 2006. The institution currently has more than 31,000 members in its service area encompassing Central Oregon. The institution has also granted more than $1 billion in loans since its inception in 1957.
Recent events have contributed to the increase in Mid Oregon’s growth rate, including introducing its Simply Free checking account for both individuals and businesses, rolling out a revamped Mobile Banking app, opening a full-service branch in Sisters, and most recently, the acquisition of the assets and accounts of High Desert Bank in June 2018.
About Mid Oregon
Mid Oregon Credit Union is a full-service, member-owned financial cooperative headquartered in and serving Central Oregonians since 1957. With more than 31,000 members in Deschutes, Jefferson, Crook, Wheeler, Lake, and North Klamath Counties, Mid Oregon Credit Union partners with our members to help them achieve their financial dreams. For more information about our services and branch locations in Bend, Redmond, Madras, Prineville, La Pine and Sisters, please visit https://www.midoregon.com
Six Ways to Save in College
Colleges in Central Oregon
Most of us in Central Oregon are very excited about Oregon State University Cascades and what it will bring for our region. As it grows and adds degrees and programs, and the relevance to our economy and culture expands, it is becoming more attractive as a destination college.
COCC continues to be the prime education resource for youth and adults alike, and provides choices and flexibility. Regardless of whether our youth choose one of our local options or find their post-secondary education out of the area, paying for it can be difficult.
Going to School Out of the Area
If you are out or soon getting out of high school, and you choose to leave Central Oregon, going off to college is an exciting time! Your world is about to open wide, providing you with new opportunities to expand your mind, meet new people, and begin the groundwork for your career (or figure it out). One very important skill you’ll need is learning how to save while living on your own. The easy first step is finding out what you don’t need to buy.
Six Ways to Save in College
• A printer. They take up too much space, and the cost of ink and paper can add up. Check with your college to see if they have a printer allowance (usually included in the school’s technology fee), giving you access to the school’s printers. Also, many professors prefer that you turn in your papers electronically through the school’s educational portal (e.g., Blackboard or Moodle.)
• Computer software. Most schools have special arrangements with Microsoft to provide the Office Student to their students for free. For virus software, if you have cable at home, virus software is usually available to download through the cable provider.
• Toilet papers and bathroom cleaning supplies. If you’re living in a dorm, you won’t need these products. But if you’re living in a suite style dorm with its own bathroom, check with the school to see if room and board fees include janitorial services.
• Television. First of all, with classes, homework, and studying, you’ll have very little free time to watch TV. Second, your laptop will be able to stream most of your favorite shows. Third, most colleges have TVs in common rooms.
• Ironing board and iron. They take up too much space and you’ll likely use it…maybe never. If wrinkled clothes really bother you, get a small steamer instead.
• A car. You’re going to spend most of your time on campus, so there’s little reason to pay for monthly loan payments, parking fees, gas, and insurance. Use public transportation or a bike to get to places too far to walk.
Another way to save is to keep track of small expenses, like eating out or buying cigarettes. Those expenses add up over time. For instance, just buying a Starbucks latte (around $4.00) every day means you’ll spend $300 on coffee in one semester! Make a budget and do your best to stick to it. It’ll make saving money much easier and make living on your own a little less stressful.
Mid Oregon Accounts Might Help You Save Money
If you move out of Central Oregon, you might be tempted to think you need a financial institution in the area. But think carefully before you make a change. If you have a Mid Oregon account, you can’t save any more money than our “Simply Free Checking”, with no monthly service charge or minimum balance requirement. Many financial institutions promise free checking while in college or until age 23 or so, but after they convert to a fee-based, or high qualifier option.
Mid Oregon has 30,000 surcharge-free ATMs in our network, and our Mobile App can provide all the access and convenience you need. Together with our free debit cards, you will continue to access your money, check balances and more at no cost to you. We can be part of a successful college journey, and be there for you when you enter the next stage of your exciting life!
Planning Ahead For Your Vehicle Purchase
Don’t Forget About the Other Expenses
You are planning ahead for your vehicle purchase. Instead of starting your buying journey at the dealer (or with online ad shopping), you decide to figure out how much you can afford. You don’t have enough saved up to pay cash, but have a down payment. You’ve figured out how much of a monthly payment you can afford. You’ve even given yourself a little breathing room. Is that all you need to consider?
License and Registration Please
Not really. Don’t forget about other expenses, such as license, registration, gasoline, maintenance and repair. Some costs, such as fuel, you can build in to your monthly spending plan. But others take more planning.
According to the Oregon DMV, the fee for two-year passenger vehicle registration is $248- for the standard passenger plates. For renewals, or used vehicles, it is $112 for the two years. The cost is higher for any kind of special plates, and there could be other additional fees. See the ODOT License Plate page for details. The regular Title fee is $93.
Auto Insurance Will Vary
How about insurance? If you are replacing another vehicle, you might think the cost will be about the same. It will vary based on a variety of factors. The only way to know for sure is to get a quote on the vehicle you are considering. Don’t forget major upgrades or add-ons. Our local insurance partner, Cascade Insurance Center, can get these for you at no charge; you can email Lauren for details.
Fuel costs may change significantly over time. It wasn’t long ago gas averaged over $4.50 a gallon. Use www.gasbuddy.com to see current prices in Central Oregon, or by your zip code. As of this writing, the average price for a gallon of regular gas in Oregon was $3.29, with a range in Bend of $3.03 to $3.44.
Repair & Maintenance Can Be Expensive
Don’t forget about maintenance and repair. Many months these will not be in your budget, but when they are, maintenance and repair can cost a significant amount. Newer vehicles would have less repair expense, but might be expensive for routine maintenance. In a recent Consumer Reports Survey, a 3-year-old Subaru averaged $180 annually in maintenance and repair costs, while a 10-year-old model averaged $695. Vehicle brand costs annually ranged for $0 to $390 for the 3-year costs, to $315 to $1,125 for the 10 year old models. Plan ahead!
Factor In All Expenses
The key is to know these costs when choosing the type of vehicle you want and factor in the additional expenses before you start looking. If you find that perfect vehicle first, you might be tempted to overlook the costs that come later.
Mid Oregon Credit Union can be your partner on your vehicle buying journey. As a member, we want you to come out ahead. Visit our Vehicle Pre-Approval page to help figure out where to go next.