ALEXANDRIA, Va. (4/4/14)--CommunityWorks Inc., a nonprofit community development financial institution, is sponsoring the first newly chartered credit union of the year with support from the United Way of Greenville County, S.C., and the Hollingsworth Fund.
The National Credit Union Administration announced Thursday that it granted a community charter to CommunityWorks FCU to serve people who live, work, worship or attend school in Greenville County, as well as businesses and other legal entities in the county.
The credit union's potential field of membership is nearly 475,000 people. The credit union plans to offer affordable financial services to individuals who currently are limited to high-cost alternatives.
"Everyone needs and deserves to have access to financial products and services they can afford," NCUA Chair Debbie Matz said. "CommunityWorks will serve a real need among people who live in Greenville County. I commend everyone who worked hard to establish this credit union and made a commitment to the future of their community."
The new federally chartered credit union is expected to open in June with a main office in Greenville. It will serve a low-income community and intends to seek a low-income credit union designation at a later date.