EAST PALO ALTO, Calif. - Ten credit unions and credit union organizations have collaborated to help Community Trust CU of Modesto open a branch in this mostly Hispanic, low-income neighborhood.
Three large area CUs–Stanford FCU, Addison Avenue FCU and Patelco CU–along with Northern California Urban Development, have contributed $120,000 in start-up capital to the project. The three credit unions, along with seven other credit unions from around the country, have pledged $100,000 in no-interest, non-member deposits to capitalize the operation.
The Urban Development group originally had sought to charter a new CU, but decided the creation of a branch in collaboration with an existing CU was a quicker and more practical solution.
