5 Credit Unions Chartered in the Past 5 Years
Just as it might feel in the beginning stages of any business, making a large investment of time and money to launch a new credit union can seem like a gamble for everyone involved. The founders of these five newbies have made it past that initial nerve-wracking period and are now watching their babies slowly grow, while continuing to work toward their goals for the institution. Click through the slideshow to read the stories of five credit unions chartered in the past five years.
ERDA Federal Credit Union ($700,000, Long Island City, N.Y.)
Internet Archive Federal Credit Union (New Brunswick, N.J.)
Chartered in the summer of 2012, Internet Archive Federal Credit Union has a unique back story — a former bank executive, Jordan Modell, and an engineer and Internet entrepreneur, Brewster Kahle, joined forces to form a credit union that would serve low-income and middle-class people in Highland Park, N.J. and New Brunswick, N.J., where the credit union is headquartered.
Oak Cliff Christian Federal Credit Union ($3.5 million, Dallas)
Chartered in October 2008 to serve the members and employees and Oak Cliff Bible Fellowship Church in Dallas, Oak Cliff Christian FCU now has more than 1,300 members. According to Sherman Roberson, manager for Oak Cliff Christian FCU, Oak Cliff Bible Fellowship Church pastor Tony Evans had a vision to start a credit union that would provide loans at competitive rates, superior member service, and a place for members to confidently deposit their savings and investments. The credit union’s single branch is located on the campus of Oak Cliff Bible Fellowship Church.
Chippewa Eagle Federal Credit Union ($2.7 million, Mt. Pleasant, Mich.)
Created to serve the approximately 7,800 members and employees of the Saginaw Chippewa Indian Tribe in Michigan, Chippewa Eagle FCU was chartered by the NCUA in May 2010. The tribe, which is also the credit union’s sponsor, has launched a variety of financial, educational and economic initiatives and views Chippewa Eagle FCU as an extension of those initiatives, according to the NCUA. The credit union got off the ground with help from CU*Answers, a Grand Rapids, Mich.-based CUSO offering back-office and marketing services to credit unions including a number of start-up credit unions.
Stepping Stones Community Federal Credit Union ($1 million, Wilmington, Del.)
The NCUA chartered Stepping Stones Community FCU with a low-income designation in October 2011. The Wilmington, Del.-based credit union is sponsored by the Delaware Community Reinvestment Action Council, a Wilmington-based group working to ensure equal access to credit and capital for underserved populations in Delaware.