New CDCU Gives Hope To Depressed Ohio Community

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TOLEDO, Ohio – A group of Hispanic and community leaders is poised to open a new credit union in this economically hard-hit city’s Old South End, which would be the first new credit union in Ohio in almost a decade.

Nueva Esperanza (for New Hope) Community CU has collected $1.3 million in non-member deposits and about $180,000 in start-up capital and will initially operate out of the local branch of Champion FCU. Organizers plan to open a permanent site in the coming months.

The community development credit union, which will serve the neighborhood’s Latino community, has been in the works since 2006.

Nueva Esperanza is the first new credit union chartered in Ohio since Stark Metro Housing Authority FCU in 2001.

It is only the fourth credit union chartered in 2010 and sixth in the past two years.

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