New CU Opens To Serve Chicago's South Side
The Second City's low-income southeast side now has a new credit union with the potential to serve more than 900,000 people.
The grand opening of South Side Community FCU comes after three years of behind-the-scenes work, with Gary Officer of the National CU Foundation, NCUA Vice Chair JoAnn Johnson, and Illinois' Lt. Gov. Pat Quinn on hand to celebrate the event.
"The opening of this credit union spoke to the strength of the spirit in this community," said Gary Officer, executive director of the NCUF. "The grassroots efforts of 14 activists and organizations to bring about change in a community full of predatory lenders and check-cashers speaks to the core values of why credit unions continue to be successful in the financial services marketplace."
In addition to a $25,000 NCUF grant and a grant from the Illinois Credit Union Foundation, both used to fund critical startup activities, the new credit union also received millions of dollars in deposits from supporting Illinois CUs to begin establishing its base of assets.
The founding members also received assistance and direction from both the NCUF and the Illinois league. The NCUF will continue working with the South Side Community FCU President and CEO Greg Brown and Board Chair Al Hofeld Jr. to secure funding in order to establish a South Side Homeownership Center, to be located at the credit union.