Man slides stack of cash across desk to member. Source: Shutterstock.

The Bakersfield, Calif.-based Valley Strong Credit Union ($4.1. billion in assets, 295,843 members) was awarded Community Development Financial Institution (CDFI) status by the U.S. Treasury Department on Thursday. This new designation, according to credit union officials, will help Valley Strong provide financial products and services to communities that, historically, lack access to banking services.

The CDFI certification came from the work done by the Better Bakersfield and Boundless Kern (B3K) consortium, which is a collaborative group of businesses, government officials and community stakeholders attempting to address a critical lack of access to capital in the region.

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Michael Ogden

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