The roughly 73,000 people who live in Wilmington, Del., willlikely have another financial institution to choose from later thismonth when the first CU chartered in 2011 opens its doors.

The agency announced it had approved the charter of the SteppingStones Federal Credit Union last week. When the newly chartered CUopens its doors, expected sometime later in October, the CU willoffer multiple savings accounts and variety of loans, includingsignature loans, used auto loans and share-secured loans.

“I'm pleased to see the outstanding work of so many dedicatedpeople result in a newly chartered credit union,” said NCUAChairman Debbie Matz. “As Stepping Stones Federal Credit Uniongrows from this new foundation, NCUA's Office of Small Credit UnionInitiatives will offer assistance to help it prosper. It isn'tevery day we see a new credit union chartered. I congratulate thosewho made this happen.”

The CU is sponsored by the Delaware Community ReinvestmentAction Council, a Wilmington organization that works with lowerincome and underserved populations. The agency has alreadydesignated Stepping Stones as a low-income CU, allowing it acceptnon-member deposits, take part in the agency's revolving loanprogram, offer secondary capital accounts and qualify forexemptions from the cap on member business loans.