Stagnant CU Sees Faith-BasedConversion
SPRINGFIELD, Ill. - (03/02/06) -- Officials with Springfield PostalEmployees CU hope to boost the credit union's prospects by a newkind of conversion--to faith based credit union. State regulatorshave approved a change in the $8 million credit union's charter toallow membership for members, employees and family members ofAbundant Faith Christian Center, which will become the focus of thecredit union, now called Financial Partners CU. Church members andlocal officials attended last week's ceremony in the foyer of thechurch celebrating the conversion. Credit union officials havefaith the new charter will change the prospects of one of thestate's oldest credit unions, chartered in 1926, which has seenlittle growth over the past few years as a result of cutbacks inthe postal service.