EATONVILLE, Fla.–One of the few new credit unions to receive a federal charter in recent years is reporting it has now grown to more than $3 million in assets and it is now setting some goals for where it wants to be by its fifth anniversary.
As CUToday.info reported here, Unity of Eatonville FCU was granted its charter in 2021 and it opened its doors in 2022. It currently offers auto loans, secured personal loans, savings accounts and share certificates.
A Decade in the Making
The credit union is the result of a vision had more than a decade ago by Pastor Willie C. Barnes of the Macedonia Missionary Baptist Church. In 2018, he convened a group of individuals who were members of the church about getting a federal charter.
Eatonville, Fla., just north of Orlando, was founded in 1887 and is the first and oldest town to be organized, governed, and incorporated by African American citizens. It has preserved its history, heritage, and small-town charm, but like many rural communities, it has struggled with economic development and revitalization, according to Your Marketing Co. in Greenville, S.C., which has been working with the new credit union.
“One thing Eatonville has is a plethora of is churches, but it is a food and finance desert,” said Rev. Jerrold Smith of Macedonia Missionary Baptism Church, according to Your Marketing Co.
The credit union is the town’s only financial institution.
‘That’s Been a Challenge’
Added James Rivera, branch manager of Unity of Eatonville FCU, “What Eatonville needs is commerce, and that’s been a challenge. In the past two years I can only speak to two businesses that have opened in Eatonville, and we’re one of them.”
The median household income in Eatonville is $27,917.
UEFCU is growing through “ardent relationships” with neighboring churches, and now has 334 members. It has also joined the African American Credit Union Coalition.
Still there are “headwinds to growing membership,” according to Your Marketing Co., and there is a need to add services and find the right technical and financial partners to drive new growth.
In March, the credit union joined a creative thinking workshop with Your Marketing Co.
“The credit union’s leaders walked away with ideas on how to undertake social media and marketing tasks, grow youth programs and community events, and work with industry partners that can assist with grants and non-member deposits,” the company said.
“It was very productive to get that diversity of thought on some of the challenges we have,” Smith added.
Looking Ahead
Looking three years out to its five-year anniversary, UEFCU has set a goal of being a full-service credit union that offers everything from everyday banking to mortgages to even wealth management, Rivera said.
“This is why we love what we do,” added Your Marketing Co.’s CEO Bo McDonald. “Unity of Eatonville is enriching lives, creating opportunities and fostering a vibrant and inclusive community where everyone can thrive.”
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