In January 1936 ten men working in various positions at Weyerhaeuser's Klamath Falls Operation made an application for a charter establishing a federal credit union to be set up under laws established by the 73rd Congress of the United States. The name of the organization, established to promote thrift among its members and "create a source of credit for provident and productive purposes," was the Weyerhaeuser Klamath 4-L Credit Union.
The term "4-L" stood for Loyal Legion of Loggers and Lumbermen, an organization formed by both employees and employers in the industry. The 4-L was dissolved shortly, however, and in 1937 the name of the Credit Union was changed to Weyerhaeuser Klamath Federal Credit Union. Applications for loans were taken at the timekeeper's window and were acted upon by the Credit Committee, meeting in a large room upstairs in the main office. The first annual meeting showed the credit union with 111 members.
In 1961 the credit union built its first office on Weyerhaeuser Road. The credit Union employed four full time employees and was now operating on a full time basis. By the end of 1963, the credit union had 1,481 members and had reached $1 million in assets, the fourth credit union in Oregon to do so at the time.
The 1970's experienced a rapid series of developments as the credit union continued to grow. By the end of 1973, membership reached 3,140, assets of $3.5 million, and a new building was needed. The credit union joined four other credit unions: Klamath-Lake Teachers FCU, Southern Pacific FCU, Klamath Public Employees FCU and Burlington Northern FCU - and built the Credit Union Center located on Shasta Way.
Weyerhaeuser Klamath FCU merged with Columbia Plywood and Modoc Lumber Credit Unions and the name was changed to Forest Products Federal Credit Union in 1974. Employees of Jeld-Wen became eligible for membership in 1975 and, later, Maywood Industries employees also became eligible.
Forest Products Federal Credit Union began offering share draft/checking accounts in 1977, and within a year had 500 accounts.
In 1981 a new building was constructed on Washburn Way (currently the main branch.) The office in the Credit Union Center was sold to Southern Pacific FCU, who merged with Burlington Northern FCU and had just received a community charter, changing their name to Highland Community FCU. Our new office was completely paid for when we moved in. As well as being a much larger facility and completely automated, it gave us the opportunity to serve our members better as it had four drive-up lanes, and the number of teller windows had been increased to provide faster service.
A second location in Lakeview was opened in 1983, serving members of Lakeview, Bly and the outlying areas. The branch was full service and was operated by five full time employees. By 1984, it had become the primary financial institution in Lakeview for approximately 1,000 members, filling a need in the area for small business, and consumer lending.
In 1984 the Credit Union merged with Klamath-Lake Teachers FCU located in the Credit Union Center. The "Teachers Branch" was closed in 1993 with the installation of our 24 hour drive up ATM facility at 3450 South 6th Street across from the Fairgrounds. Also in 1993, the Lakeview branch celebrated its 10th Anniversary by moving into their new building at 123 North G Street.
In 1995 another 24-hour Drive-up ATM was installed and our Mortgage Lending department was established. Plans were started for expansion inside the main building and an annex building which was to house support functions and a meeting room to be used for staff training and seminars for members. Construction started in November and was completed in April 1996.
September 2002 brought Forest Products Federal Credit Union a new opportunity to serve its membership. A community charter designation was granted to serve Klamath, Lake Modoc and North-East Siskiyou Counties with valuable, convenient financial products to fit members' needs.
Changing with the times helped Forest Products Federal Credit Union to have the competitive edge to help its members and organizations of the community. In July of 2003, Forest Products Federal Credit Union changed its name to better reflect the vision of its charter to Pacific Crest Federal Credit Union.
In June of 2004, Kathie Philp, the Credit Union's Chief Financial Officer was named President/CEO. With over thirty years experience in the credit union industry, Kathie is a very appreciated part of the Pacific Crest FCU team.
As stated in our vision statement, Pacific Crest strives "To be the members' choice for personalized financial solutions."