Texans CU Invests $10 Million in CIF
RICHARDSON, Texas - Texans Credit Union plans to make a $10 million investment on May 3 into the Community Investment Fund. The Texas Credit Union Foundation and the National Credit Union Foundation will each receive a portion of the investment's return. Texans has allocated its funds to go towards two state level initiatives - small credit union development and Hispanic outreach. Hispanics represent one-third of Texas' population and they're poised for much more growth in the future, said Texans CU President/CEO David Addison. Unfortunately nearly half of Hispanics in the state are `unbanked' and as a result have become prime targets for predatory lenders, he added. "Bringing the largely `unbanked' Hispanic community into the financial mainstream is an enormous endeavor and we are pleased our investment in the CIF can make this happen," said Addison. Concerning small credit unions, the president of the $1.3 billion CU said more than half of the credit unions in Texas have less than $20 million in assets. "Anything we can do to help ensure our small credit unions thrive in this competitive landscape is a worthwhile investment," said Addison. Texans CU has more than 150,000 members.