ALEXANDRIA, Va. — NCUA announced Tuesday it has approved a charter to Lutheran Federal Credit Union, making it the third new federally chartered CU of this year.
Lutheran FCU will serve employees, active members and volunteers of the Lutheran Church-Missouri Synod and its affiliated districts, member congregations, seminaries and other closely aligned entities.
The credit union will be based in St. Louis and is expected to open in the second quarter of 2015.
NCUA noted that Lutheran will be the first new federal charter in Missouri since 2005.
"All consumers need access to affordable financial products and services, and Lutheran Federal will help make those available to its members," NCUA chairman Debbie Matz said in a statement. "I want to commend everyone involved for their commitment to establishing this credit union."
The CU will be supported by the Lutheran Church Extension Fund, a $1.8-billion institution that provides investments and loans to LCMS ministries throughout the U.S. and overseas. Founded in 1978, the fund has experience in commercial, mortgage, and unsecured lending.
LCMS, which was founded in 1847, comprises more than 6,000 congregations that operate about 850 elementary schools. According to its website, LCMS has more than 2.3 million baptized members in more than 6,100 congregations and more than 9,000 pastors. It also operates two seminaries and 10 colleges and universities operate under its auspices.
The new CU plans to offer services including regular shares, share drafts, share certificates, credit cards, mortgage loans, auto loans, student loans, unsecured loans, online banking, mobile banking, ATM access, shared branching and bill payment.
