Chicago Credit Union Rises From S&L's Ashes
Residents of Southwest Chicago will have a chance Saturday to witness the opening a credit union which is taking the place of a failed thrift.
The Second Federal Savings and Loan failed in 2012 and the FDIC stepped into to return the deposits and liquidate the institution's assets.
Depositors and cash went to a bank in a nearby community but the Self-Help Federal Credit Union in Oakland, Calif., purchased $141 million of the institution's mortgage loans in association with The Resurrection Project, a local community development organization.
That partnership has gone beyond merely managing the loan portfolio and has come to include re-opening the savings and loan, this time as a federal credit union.
The new institution will be dubbed the Second Federal Credit Union and will be a division of Self-Help FCU, itself a subsidiary of Self-Help Credit Union in Durham, N.C.
The new credit union already has begun to offer mortgage loans, according to a press announcement, as well as $465 Dreamer loans to help young immigrants finance visa applications under the federal government's Deferred Action for Childhood Arrival program.