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CU System
Charter issued for Ohios first Latino CU
TOLEDO, Ohio (6/4/10)--Ohio has a new state-chartered credit union--Nueva Esperanza (New Hope) Community CU in Toledo, which is the state’s first Latino credit union. The Ohio Division of Financial Institutions issued the state charter, conditioned upon attaining share insurance and bond coverage. The credit union is in the process of obtaining both, with the National Credit Union Administration and CUNA Mutual Group, respectively, said the Ohio Credit Union League (eLumination Newsletter June 2). Founding Nueva Esperanza Community CU “has been a long and tedious process, and [the incorporators, VIVA South Toledo Community Development Corp., and leaders of the Latino community] are to be commended for seeing it through,” said Barry Shaner, CEO of Directions CU in Toledo, who played an instrumental role in making the new credit union a reality. “It has been many years since a new credit union charter has been granted in Ohio, and what you have accomplished is a very rare feat in today’s world. I know I speak for all the credit unions in Ohio when I say ‘Welcome!’" Shaner told the credit union. “We are anxious to help you in your next steps, and can hardly wait to see the good things you will do for your community.” The credit union will move into its renovated facility--a former library outfitted with furniture and fixtures donated by several credit unions across the state--later this month, and a “soft opening” is anticipated this summer. The Ohio Credit Union Foundation leveraged a $69,500 Innovation Grant from the National Credit Union Foundation to help charter Nueva Esperanza (News Now Jan. 22, 2009).
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