LANCASTER, Penn.–Following six years of planning, a credit union that was granted its federal charter in 2021 has opened its first branch here.
Community First Fund, an independent nonprofit community loan fund, cut the ribbon on the branch it said it designed to expand access to banking and other financial services in Lancaster to the Black, Hispanic/Latino and immigrant communities as well as women in the market.
“The credit union’s mission is supported through access to consumer financial products and education that improve personal financial stability and provide opportunities to obtain quality, affordable housing,” the organization stated in a news release.
According to organizers, Community First Fund partnered with Franklin and Marshall College’s Center for Opinion Research and surveyed Lancaster County residents to better understand the local market and the demand for a credit union. The organization said they found residents expressing a need to strengthen the financial mobility of families and saying the creation of a financial center would help foster financial equity and economic prosperity.
‘Positive Change’
“We’ve been serving Lancaster for 30 years by providing access to credit to entrepreneurs who want to make a positive change in the community,” Daniel Betancourt, president and CEO of Community First Fund and the credit union said in a news release. “With the credit union, our mission is to provide a pathway to financial stability for families. We’re excited to expand our service in the community and celebrate this milestone.”
According to PennLive.com, Community First Fund has received funding from private donors, local foundations such as the Calvin and Janet High Foundation, Lancaster County Community Foundation, the High Foundation, and the Ferree Foundation. Santander Bank has committed to $500,000 in contributions to the credit union over five years. M&T Bank has committed to provide $1 million over the next five years to the credit union, PennLive.com added.
The Community First Fund received a $10 million donation from philanthropist, MacKenzie Scott in 2020, some of which has gone toward the new CU, the organization said.
The organization eventually plans to open credit union locations in Harrisburg, York and Reading, Penn., PennLive.com reported.
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