Maps Credit Union
“Like many of us, Maps Credit Union has teachers to thank for its success. We were founded by a group of educators and school employees who wanted a safe place for teachers and their families to house their money and get low-cost loans. Since 1935, we’ve grown from just 20 members to over 70,000 members and we’ve changed a lot along the way. For one thing, our community now encompasses the entire Willamette Valley—not just teachers and school employees. Since 1935, we’ve grown from just 20 members to over 70,000 members and we’ve changed a lot along the way. For one thing, our community now encompasses the entire Willamette Valley—not just teachers and school employees.”
- website: https://www.mapscu.com/
Cannabis Banking Services
States Served:
- Oregon
Official cannabis banking page: NA
Media coverage:
- Oregon Public Broadcasting: Inside The ‘Wild, Wild West’ Of Oregon Cannabis Businesses As They Seek Banking Services
With more than 500 marijuana retailers, growers and processors, MAPS – once known as the Marion & Polk Schools Credit Union – has become one of the pioneers in serving an industry that most bankers avoid. Nationwide, experts estimate that only about 50 to 60 financial institutions openly work with cannabis businesses. Rachel Pross, the chief risk officer for MAPS, said the credit union made what she calls the “gutsy call” to serve cannabis businesses after Oregon voters legalized the drug in 2014.
- KGW: The cannabis gold rush may be over in Oregon, but the industry still sees a bright future
- “We are so fortunate in Oregon, Maps Credit Union in Salem has been banking cannabis since the very early days. They’re really reasonable, thoughtful, organized, professional — they have been a great partner to a lot of businesses — but SAFER Banking will get us more banking services,” Rodriguez said. “You know, we can’t get a line of credit even if we’re a remarkably successful company … payment processing, you know, we can’t even sell a T-shirt on the website.”
Bank Health Rating
DepositAccounts.com Rating: link
- DepositAccounts considers several health grade components:
- Texas Ratio (measuring bank credit risk);
- Texas Ratio trend;
- Deposit growth;
- Capitalization (difference between bank assets and liabilities).