EUGENE, Ore. — Oregon Community Credit Union has signed a nonbinding letter of intent to sell its 10-acre Eugene headquarters property to Costco Wholesale as the credit union rethinks its workplace strategy following six years of largely remote operations.
The $3.7-billion OCCU said the proposed transaction is not final and remains subject to completion of a purchase and sale agreement and other steps.
The credit union said it currently uses about 40% of its 53,000-square-foot headquarters building, which sits on roughly 10 acres. Most non-branch employees began working remotely in 2020, and OCCU subsequently decided to maintain a largely remote and flexible workforce.
‘Designed for a Different Way of Working’
“This building has served OCCU well for 20 years, but it was designed for a different way of working,” President and CEO Greg Schumacher said. “Today we have the chance to be more intentional. It’s not about walking away from the workplace. It’s about creating the right workplace for our future.”
OCCU said it has been evaluating options for a smaller workplace designed primarily around employee collaboration and connection. Costco’s interest in the property, which is adjacent to its existing warehouse, provided an opportunity to consider selling the headquarters while developing a new workplace, the credit union said.
Multi-Year Transition
Under the letter of intent, OCCU would remain at its existing headquarters during a multiyear transition while identifying and preparing a new location.
If the parties reach a binding agreement and complete the sale, Costco will receive early access to designated portions of the property for additional parking without disrupting OCCU’s operations.
OCCU said the transaction also could provide Costco with an opportunity to pursue longer-term traffic and access improvements after the credit union relocates.
“We can create a workplace that better fits our future while also helping address a challenge our community has been navigating for a long time,” Schumacher said.
Part of Broader Transformation
The potential headquarters sale is part of a broader workforce transformation at OCCU that includes increased use of technology and artificial intelligence, changes to its performance culture and a redesigned employee experience, according to the credit union.
“At the center of this is our vision to Enrich Lives,” Schumacher said. “That starts with our members, our employees and the communities we serve.”
Schumacher, who became CEO earlier this year, has described his leadership philosophy as “Bold, Not Reckless,” which OCCU said emphasizes innovation while maintaining sound risk management.
“To me, being bold means being willing to challenge assumptions and try new things,” Schumacher said. “Not being reckless means we do that with discipline. We test, we listen, we learn and then we keep moving forward.”
