President and CEO of Portland Teachers Credit Union to retire

Clifford C. Dias, president and CEO of the Portland Teachers Credit Union, will retire next May.

Dias, the fourth CEO in PTCU's 73-year history, has been an executive with the organization since 1995.

Cliff has provided the leadership essential in turning our organization around, from a net loss of $4.2 million in 1998 to projected record net income of $22 million and $2 billion in total assets in 2005, said PTCU board chairman Steve Gray.

Several years ago, I set a goal to retire at age 55, said Dias. For a couple of different reasons, I chose to defer my retirement. As a baby-boomer, I wish to accomplish more in my life than business success. Kids and the elderly need help, and I believe I can make a difference there.

Of his tenure, Dias said, he is most proud of the credit union being named one of the 100 Best Companies to Work for In Oregon, by Oregon Business magazine.

Dias said that his immediate retirement plan is to work with children to develop their athletic skills.

My immediate plan for retirement is to work with kids under 9 years old; I set this age limit because my initial experience is that kids under 9 are interested in learning, while kids over 9 are more interested in winning. I think I'll let some other volunteer deal with the focus on winning.

He said he also intends to get on a regular exercise schedule, eat healthy and improve his golf game.

The PTCU board has enlisted the services of Korn/Ferry International, an employment search firm, to identify candidates for the board's consideration and decision on the next CEO.

Portland Teachers Credit Union is the largest credit union in Oregon, with more than 165,000 members and assets of $2 billion. Founded in 1932, the PTCU has a field of membership that includes employees of schools and nonprofit educational organizations and their families in Clackamas, Columbia, Multnomah, Washington and Yamhill counties.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.