Since 1957, Clackamas Federal Credit Union has been helping families in Clackamas County achieve their financial goals. We’re a not-for-profit financial cooperative dedicated to the financial success of our members.
When did credit unions begin?
Herman Schulze-Delitzsch set up the first credit society for farmers in Germany struggling to pay exorbitant rates to moneylenders. Members pooled resources to lend to each other, and the rates were fair. By 1859, there were 183 of these credit societies.
The first credit union was founded by Friedrich Raiffeisen in Bavaria. Under his guidance, credit unions grew in numbers and influence.
In Canada, Alphonse Desjardins was outraged when he heard about unfair interest rates. He organized the country’s first credit union.
St. Mary’s Bank was chartered in Manchester, New Hampshire, becoming the first credit union established in the United States. It still exists today.
Clackamas began as CLACKCO Federal Credit Union, founded by seven Clackamas County employees and one employee from Oregon City. CLACKCO was originally chartered to serve county, municipal, state, and federal employees who worked in Clackamas County. The first office was located in the County Courthouse, and it was run by volunteers.
CLACKCO relocated to the second floor of the City Hall in West Linn.
CLACKCO moved into its Oregon City location on Warner Milne Road. The building has been remodeled several times since then to accommodate growth.
Milwaukie Community Credit Union merged with CLACKCO, and we changed our name to Clackamas Federal Credit Union.
The National Credit Union Administration (NCUA) approved a community charter allowing anyone who lives, works, worships, or attends school in Clackamas County to apply for membership.
Several new branches opened as a result of the new community charter, including Canby, Molalla, and a branch on McLoughlin in Milwaukie.
Clackamas was welcomed in Sandy. The only credit union in Sandy, this new branch had a line out the door on opening day.
Clackamas opened branches in Happy Valley off Sunnyside Road and in Milwaukie at Willamette View Continuing Care Community.