NCUA Charters First New CU Of2005

ALEXANDRIA, Va. - (02/02/05) -- NCUA said it approved a charter forthe first new credit union of the year--for Pacoima DevelopmentFCU. The low-income credit union will serve several groups in andaround the Pacoima, Calif., community, including members of thePacoima Chamber of Commerce, employees of the Valley Industry andCommerce Association of Sherman Oaks, employees of the ValleyEconomic Development Center in Van Nuys and Pacoima, and anunderserved, predominantly Hispanic area in Los Angeles County. Thecredit union has received $475,000 in start-up grants, including$200,000 from the city of Los Angeles, $120,00 from LocalInitiatives Support Corp. and $100,000 from Citibank, and $1million in non-member deposits.