Financial Services Return To Low-IncomeCommunity

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ALBANY, N.Y. - (05/17/04) -- A year after the failure of afledgling neighborhood community development credit union, StateEmployees FCU is returning financial services to the low-incomeneighborhood of Arbor Hill. The hard-hit community had been servedsince 1999 by its own credit union, Albany Community DevelopmentCU, which was absorbed into SEFCU last year. But SEFCU, whichhelped organize the ill-fated CDCU, is returning to theneighborhood Monday with the opening of its 15th branch. Communityactivists hope the new credit union branch will provide residentswith financial services like checking and savings accounts and loancapital. The First Church of Albany has pledged to move some of itsaccounts from a nearby bank and make the first deposits in the newbranch Monday.

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