Leaders of eleven American Catholic credit unions announced Tuesday the formation of a collaborative association, Catholic Credit Unions of America (CCUA). CCUA "will collaborate in practical ways to support each other in the execution of their individual missions," the new group said in a statement.
"This is a game changer," declared Tom Gryp, CEO of Notre Dame FCU, one of the eleven founding member credit unions. "Catholic dioceses, parishes and schools will now have more attractive alternatives available when financing their projects. That should translate to meaningful savings for them, " the CEO of the $482 million CU said.
According to the press release, there are close to 100 CUs in the United States with some sort of connection to the Catholic religion, whose combined assets total more than $3.6 billion.
The founding members of the CCUA represent $1.9 billion in assets, they are:
- Alliance Catholic Credit Union, Southfield, Mich., ($438 million in assets, 35,000 members)
- Catholic Family Credit Union, Kansas City, Mo., ($12 million in assets, 2,300 members)
- Catholic Family Federal Credit Union, Wichita, Kan., ($29 million in assets, 4,200 members)
- Catholic Federal Credit Union, Saginaw, Mich., ($341 million in assets, 26,900 members)
- Minnesota Catholic Credit Union, Little Canada, Minn., ($28 million in assets, 3,600 members)
- Notre Dame Federal Credit Union, Notre Dame, Ind., ($482 million in assets, 52,000 members)
- Oceanside Christopher Federal Credit Union, Oceanside, N.Y., ($304 million in assets, 14,000 members)
- Ohio Catholic Federal Credit Union, Garfield Heights, Ohio, ($150 million in assets, 14,000 members)
- Parish Federal Credit Union, Toledo, Ohio, ($15 million in assets, 2,000 members)
- St. Coleman and Affiliates Federal Credit Union, Cleveland, ($6 million in assets, 3,000 members)
- Unity Catholic Federal Credit Union, Parma, Ohio, ( $70 million in assets, 10,000 members)
