CHICAGO–The Leaders Network, a collaboration between faith and community leaders who are working to improve the quality of life in the westside communities of Chicago, said it has signed a memorandum of understanding with Great Lakes Credit Union to open a branch on the West Side.
According to the organization, the MoU is the first step in a process aimed at opening a GLCU branch on the west side of the city. Related fundraising has been going on for about a year.
The $1.2-billion Great Lakes CU, based in Bannockburn, Ill., has more than 78,000 members.
“This is something that ultimately could change the landscape in America because Black people would be able to get loans in their own community without paying too much money or just outright getting denied,” Rev. Ira Acree said in a statement.
According to the report, Michelle Collins, a former community development banker who is assisting in the effort, Great Lakes Credit Union is a “great partner” that aligns with the mission and vision of the Leaders Network.
Earlier this year, Collins had said the faith leaders group was in conversations with larger credit unions interested in working with the group.
‘Not a Done Deal, But…’
“It’s not a done deal, but that’s what I’d like,” Acree said. “Hopefully, we’ll have a nice Christmas present … to have a branch in the community in Sankofa.”
Collins agreed said the Leaders Network’s goal is to reach a definitive agreement by the end of this year, allowing the credit union to start virtual operations, offering West Side residents and business owners financial services and financial literacy. The brick-and-mortar branch could take longer to open, she said.
The Very Best in CU Reporting. Every Morning. To Your Inbox. At a Total Cost of ‘Free!’
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.