SAN FRANCISCO — Patelco Credit Union and Mission SF Federal Credit Union (formerly Mission Area Federal Credit Union) have joined forces to open a new shared branch in San Francisco.
The new office, which is located on the main cultural and commercial corridor of the Mission District, will house the $8 million Mission SF Federal CU, its nonprofit affiliate Mission SF Community Financial and its Youth Credit Union Program.
Mission SF Community Financial Center–with Patelco's support– operates a nationally recognized Youth Credit Union Program, a leadership and savings program for children and youth. The youth program, which has 500 members, $75,000 in assets and a staff of five young people, recently added two new programs: Youth Trainers for Economic Power, which employs eight youth trainers to teach other community youth about smart money management and financial services decision-making, and the Action Research Committee, which conducts focus groups and surveys to identify youth attitudes and habits related to saving and spending.
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According to A. Leland Brunswick II, a former Youth Credit manager, who is now 17, said "The YCUP is a place where you can be ready for life."
The National Federation of Community Development Credit Unions recently recognized the program for a decade of leadership and excellence in the youth credit union movement.
"This new office makes us more visible to the community so we can reach more people and help them with their financial situations. That is our mission–to help people. This would not have happened without the support of Patelco," said Mission SF FCU CEO Salvador Dur??n.
According to Duran, just under 50% of the Mission District's population is foreign born, with two-thirds of those residents hailing from Central America and Mexico. The Brookings Institute estimates that some 34,000 people in the Mission District are unbanked. Brookings Institute also reported that the district has the highest concentration of high-cost financial services in the city.
Prior to the shared facility with Patelco, Mission SF was housed in a small office on the third floor of a neighborhood office building.
Duran says the new shared branch office makes Mission SF more visible and accessible to the community.
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