PASADENA, Calif.–CIT Bank and its California branch division, One West Bank, have announced a $6-million investment in Self-Help FCU.
The bank said the funds are to support working families and underserved communities and will enable the creation of a new, full-service credit union branch in central Los Angeles. This investment builds on CIT's grant to Self-Help last year for the same effort, the bank said.
"CIT seeks to promote economic stability across Southern California where we live and work," said Steve Solk, president of Consumer Banking for CIT, in a statement. "This investment reflects our commitment to enabling local residents the opportunity to achieve financial security through home ownership and affordable financial products and to empowering small businesses to grow and thrive."
The bank said Self-Help FCU expects to serve more than 5,000 new individuals and families in need of affordable checking and savings accounts, mortgages, small business and commercial loans over the next 5-10 years through the new location. The new central Los Angeles location expands Self-Help's existing Southern California footprint, which currently includes two branches in Los Angeles County and a third in the City Heights neighborhood of San Diego.
"CIT's investment allows Self-Help to leverage our existing presence in the region and scale our efforts to reach many more individuals and families in service of our mission -- to create and protect ownership and economic opportunity for all," said Steve Zuckerman, president of Self-Help Federal Credit Union, in a statement.
About Self-Help
Approximately 85% of Self-Help borrowers qualify as low-income, 91% are people of color, and 57% reside in distressed areas. Self-Help expects to open the new branch and begin serving members in 2019.
The $1-billion Self-Help FCU was chartered in 2008 and has 17 branches in California, nine branches in Illinois, two branches in Florida, and one branch in Wisconsin, and serves more than 79,000 members. It is part of the national Self-Help family of non-profit organizations.