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 also said it granted 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. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com