ALEXANDRIA, Va. — NCUA has chartered its first credit union of 2014, with the new CU expected to open its doors this June.
CommunityWorks FCU was granted a community charter to serve South Carolina's Greenville County, reaching a potential field of membership of 475,000 people.
"Everyone needs and deserves to have access to financial products and services they can afford," NCUA Board Chairman 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."
Serving a low-income community, CWFCU plans to offer a full range of deposit products, as well as unsecured loans and auto loans.
NCUA stated that the credit union will seek a low-income CU designation at a later date. If that designation is obtained, NCUA said the credit union plans to offer non-member deposits.
CommunityWorks, Inc., a non-profit community development financial institution, is sponsoring the credit union with support from the United Way of Greenville County and the Hollingsworth Fund. CommunityWorks, will also provide back-office support to the credit union.
