SAN FRANCISCO -- Patelco Credit Union and Mission SF Federal Credit Union (formerly Mission Area Federal Credit Union) have teamed up to open a new shared branch.
The new office, which is located on the main cultural and commercial corridor of the Mission District, will house Mission SF Federal Credit Union, its non-profit affiliate Mission SF Community Financial Center (formerly Mission Community Financial Assistance) and its Youth Credit Union Program.
"This new office makes us more visible to the community so we can reach more people and help them with their financial situations. That is our mission--to help people. This would not have happened without the support of Patelco. [Patelco Senior Vice President] Anita (Macias) and her staff, they have been there every step of the way, " said Salvador Dur??n, the manager/CEO of Mission SF Federal Credit Union, an $8 million credit union with 2,500 members.
Just under one half of the Mission District population is foreign-born, with two-thirds of foreign born residents hailing from Central America and Mexico. According to a recent Brookings Institute estimate, roughly 34,000 people in the Mission District (or 56% of the District's population) are "unbanked" or without a relationship with a mainstream financial institution. The Brookings Institute also reports that the Mission District has the highest concentration of high-cost fringe financial services in the city. Until now, Mission SF has run out of a small office on the third floor of a neighborhood office building; the new shared branch office makes Mission SF more visible and accessible to the community.
Mission SF Community Financial Center--with Patelco's support-- operates a nationally recognized Youth Credit Union Program, a leadership and savings program for children and youth. The YCUP, which has 500 members, $75,000 in assets and a staff of 5 young people, has recently added two new programs: a training arm, Youth Trainers for Economic Power, which employs eight youth trainers to teach other community youth about smart money management and financial services decision-making; and a market research arm, the Action Research Committee, which is conducting focus groups and surveys to identify youth attitudes and habits related to saving and spending.
According to A. Leland Brunswick II, a former YCUP manager, now 17 years old, "The YCUP is a place where you can be ready for life."