A third Portland area credit union, the $901 million Unitus Community, is now recipient of $250,000 in public funds under the city’s new Responsible Banking policy advanced by Mayor Sam Adams.
Both the $904 million Advantis CU of Milwaukie and the $3.1 billion OnPoint Community had earlier received the $250,000 and numbered among 11 banks and credit unions awarded the funds under the social policy initiative.
The city had said it would be liquidating $2.5 million of an $800 million stake in U.S. Treasuries and other securities to deposit the funds.
Adams said he hoped the Responsible Banking policy, which has been put forward in several U.S. cities, boosts local competition, a point cheered by the Northwest Credit Union Association.
Portland City Treasurer Jennifer Cooperman said she would be posting information on deposits made by the city into banks and credit unions on a monthly basis on the city’s website, portlandonline.com,