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Patelco Mission SF partner to assist unbanked
SAN FRANCISCO (2/28/08)--Patelco CU and Mission SF FCU--formerly Mission Area FCU--joined forces to open a new shared branch in San Francisco Feb. 19 to serve the “unbanked.”
From left: Margaret Libby, executive director, Mission SF Community Financial Center; Anita Macias, senior vice president, Patelco CU; and Salvador Duran, manager/ CEO, Mission SF FCU, attend the grand opening of the Mission SF FCU’s new office in the Mission District of San Francisco. (Photo provided by Mission SF FCU)
The new office, located on the main cultural and commercial corridor of the Mission District, will house Mission SF FCU, its nonprofit affiliate SF Community Financial Center and its Youth Credit Union Program. “This new office makes us more visible to our community so we can reach our people and help them with their financial situations,” said Salvador Duran, manager/CEO of Mission SF FCU, an $8.4 million asset credit union with 2,500 members. “That is our mission--to help people. This would not have happened without the support of Patelco.” Under half of the Mission District population is foreign born, with two-thirds coming from Central America and Mexico. Roughly 34,000 people in the Mission District--about 56% of the district’s population--are unbanked or without a relationship with a mainstream financial institution, according to a recent Brookings Institute estimate. Mission SF Community Financial Center, with Patelco’s support, operates a nationally recognized Youth Credit Union Program (YCUP)--a leadership and savings program for children and youth. The YCUP has 500 members, $75,000 in assets and a staff of five young people. YCUP has recently added two new programs. One is a training arm, Youth Trainers for Economic Power, which employs eight youth trainers to teach community youth about smart money management and financial services decision-making. The other involves a market research firm, the Action Research Committee, which is conducting focus groups and surveys to identify youth attitudes and habits related to saving and spending.
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