The NCUA chartered CommunityWorks Federal Credit Union inGreenville, S.C., the agency announced on Thursday.

The NCUA's Office of Consumer Protection granted a communitycharter to the credit union, which will serve individuals who live,work, worship or attend school in Greenville County. Businesses andother legal entities in the county will also be able to join whenthe credit union opens in June.

“Everyone needs and deserves to have access to financialproducts and services they can afford,” NCUA Board Chairman DebbieMatz said. “CommunityWorks will serve a real need among people wholive in Greenville County. I commend everyone who worked hard toestablish this credit union and made a commitment to the future oftheir community.”

The agency said the credit union's potential field of membershipis almost 475,000. In its first year of operations, the creditunion plans to offer an array of products and services includingshare certificates, club accounts, unsecured loans, auto loans,cashier's checks, money orders and savings bonds.

“CommunityWorks will serve a low-income community and intends toseek a low-income credit union designation at a later date. If thatdesignation is obtained, the credit union plans to offer non-memberdeposits,” said an NCUA press release.

CommunityWorks, Inc., a non-profit community developmentfinancial institution established in January 2008, is sponsoringthe credit union along with support from the United Way ofGreenville County and the Hollingsworth Fund.

According to its official website, the non-profit financialorganization is “committed to building a brighter future forunderserved families and communities through financial education,lending, and investing.”

The NCUA said its Office of Small Credit Union Initiatives wouldcontinue to provide guidance for the new credit union.