Bend, Ore.-based High Desert Bank has been acquired by Mid Oregon Credit Union, also based in Bend.
High Desert Bank, which had struggled through the recession, had one office, $20 million in assets as of March 31, and $23 million in deposits as of June 30, 2017. It was founded in 2007.
All five employees were offered positions at Mid Oregon Credit Union, and the former CEO of High Desert Bank, Steve Ferber, is working at the credit union as director of commercial markets, according to the Bend Bulletin.
Previously, High Desert had tried to merge with a California mortgage company last year. The attempted merger with Right Start Mortgage of Pasadena, Calif., was halted by regulators. HIgh Desert had been operating under a consent order from the Office of the Comptroller of the Currency and, briefly, several from the FDIC.
The $289 million Mid Oregon CU has seven offices in central Oregon and more than 31,000 members.