Underserved Additions Help CU Giants Flourish

ALEXANDRIA, Va. – NCUA reported it approved an application from Kinecta FCU to add more than 5.5 million residents in surrounding low-income communities to its field of membership, by far the largest underserved expansion ever granted. The underserved grant was approved to facilitate the credit union giant’s acquisition of a chain of 55 check-cashing stores in the region. NCUA said it granted other underserved expansions, as well, allowing $5.5 billion Suncoast Schools FCU to enter two additional Florida counties; and $2.5 billion Randolph-Brooks FCU to enter two more Texas counties. Kinecta, with $3.5 billion in assets, plans to eventually convert its newly acquired check cashing offices to full-service branches, more than tripling its current branch network.