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Two CDCUs recognized for community impact
NEW YORK (3/18/09)--Two community development credit unions (CDCUs) recently received accolades for their innovative work in serving the underserved. Both CDCUs are members of the National Federation of Community Development Credit Unions, which welcomed the recognition
William Bynum (left), CEO, Hope Community CU, Jackson, Miss., is congratulated by Cliff Rosenthal, president/CEO of the National Federation of Community Development Credit Unions, for innovative work in serving the underserved.
for the role that CDCUs play in the lives low- and moderate-income Americans. Hope Community CU, a $68.7 million asset, Jackson, Miss.-based credit union, which serves members in four Mississippi Delta states, is one of the fastest growing CDCUs in the country. The credit union and its non-profit sponsor, the Enterprise Corporation of the Delta (referred to jointly as ECD/Hope), were honored with the Credit Union Times 2009 Trailblazer Award for Outstanding Service to the Underserved. Founded in 1995 to serve a single congregation in Jackson, Miss., Hope Community CU has grown thanks to its partnership with ECD. Beginning with members of a small church and a vision, the credit union grew to nearly $69 million in assets with nearly 10,000 members in low-income communities across Mississippi, Arkansas, Louisiana and Tennessee. A few hundred miles to the north, Gregg Brown, founder and CEO of South Side Community FCU, Chicago-based credit union, was featured
Gregg Brown, founder/CEO of South Side Community FCU, Chicago, was noted by the National Federation of Community Development Credit Unions for a commitment to empowering low-income members in its community. (Photos provided by the National Federation of Community Development Credit Unions)
as one of 15 Chicago Matters Global Visionaries by Chicago Public Radio. Brown also serves on the federation’s board of directors. Founded in 2003, South Side Community FCU serves nearly 1,400 low-income residents in Chicago's South Side community. In four years, the credit union has grown to more than $4.1 million in assets, and provides its members with savings and checking accounts, personal loans, low-cost payday loan alternatives, car loans, financial literacy education and counseling, matched-savings individual development accounts, and a burgeoning youth credit union program. Both credit unions share a common mission and commitment to empower the low-income communities they serve. “ECD/Hope is a leading innovator among CDCUs and community development financial institutions,” said federation President/CEO Cliff Rosenthal. “The collective efforts of the two affiliates have allowed them to expand to serve low-income and minority communities across the entire Mississippi Delta in a very short period of time.” “Similarly, what South Side Community FCU has accomplished in four short years has been tremendous,” Rosenthal said.
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