The governor, attorney general and an NCUA Board member were on hand to welcome the re-opening of a small banking office that has served a Chicago neighborhood for more than 130 years.
The former Second Federal Saving and Loan is now Second Federal, a division of Self-Help Federal Credit Union from Oakland, Calif.
The Second Federal Savings and Loan failed in 2012 and the FDIC stepped into to return the deposits and liquidate the institution's assets, but Self-Help FCU purchased $141 million of the institution's mortgage loans in association with The Resurrection Project, a local community development organization, and Wintrust Financial Corp.
“Second Federal has been a primary source of financial services for the Little Village community that surrounds 26th Street and Pulaski Avenue for more than 130 years. Second Federal will continue to be available to help the community grow and prosper because of the commitment of Self-Help Federal Credit Union,” NCUA Board Member Michael Fryzel, himself a Chicagoan, said at Saturday’s event.
Illinois Gov. Pat Quinn and Attorney General Lisa Madigan also took part in the reopening ceremony, the NCUA said.