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Opinion Editorials An investment in the community
An investment in the community
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The partnership between Eastern Oregon University and the community it
serves was strengthened considerably last month when the EOU Foundation
announced it invested a half million dollars in four local banks. This was a wise move for a number of reasons. Foremost, the university has taken an important step toward supporting the local economy. Money invested in local lending institutions is used for local development, which translates into business start-ups, business expansion and retention, job creation and more. Also, the investments are secure. From all reports, local banks did not engage in the sub-prime lending that led to the current severe recession. Solid, respectable lending practices have helped keep them stable. They’re a good place to keep money these days. The EOU Foundation also gains security by dividing the deposits among Banner Bank, Sterling Savings Bank, Bank of America and Community First Bank. The FDIC insures deposits only up to $250,000, so spreading the money among the four makes for a safe investment. The foundation, established in 1964, is a philanthropic organization that raises money to support the mission of EOU. Its success depends on strong relationships within the community. The local investment sends the message that the Foundation values those relationships. The local banks have sponsored many foundation-funded activities including the Community School of the Arts, theater productions and more. By investing with the banks, the foundation reinforces partnerships already in place. As EOU Foundation President Steve Joseph noted, this is one good way for the university to return some of the support it has received. In so many ways, the foundation’s decision to invest locally makes sense. The benefits will ripple through the community, touching one and all. |
