Residents of Southwest Chicago will have a chance Saturday towitness the opening a credit union which is taking the place of afailed thrift.
|The Second Federal Savings and Loan failed in 2012 and the FDICstepped into to return the deposits and liquidate the institution'sassets.
|Depositors and cash went to a bank in a nearby community but theSelf-Help Federal Credit Union in Oakland, Calif., purchased $141 million of the institution's mortgage loans inassociation with The Resurrection Project, a local communitydevelopment organization.
|That partnership has gone beyond merely managing the loanportfolio 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 CreditUnion and will be a division of Self-Help FCU, itself a subsidiary of Self-Help Credit Union inDurham, N.C.
|The new credit union already has begun to offer mortgage loans,according to a press announcement, as well as $465 Dreamer loans tohelp young immigrants finance visa applications under the federalgovernment's Deferred Action for Childhood Arrival program.
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