BATON ROUGE, La.–EFCU Financial, a low-income designated CU here, has received a $5 million subordinated debt loan from the National Cooperative Bank (NCB).
According to the Arlington, Va.-based ECB, the subordinated debt it is providing will be used to support the future growth of EFCU in its geographic footprint and “provide tools and resources to bolster its resiliency exiting the COVID-19 pandemic.”
“With a shared mission and vision of people helping people, NCB has been providing subordinated debt loans to low-income credit unions for the past seven years,” said Bill Stewart, VP-credit union market leader for NCB. “We are very proud of our many partnerships within the credit union movement and we strongly believe that this program, along with other initiatives like our fee-free settlement services for qualified credit unions, helps bolster mission-oriented credit unions and their ability to create meaningful impact in the communities they serve.”
‘Increasing Initiatives’
Added Tyler Grodi, CEO of the $911-million credit union, “EFCU Financial looks forward to increasing our initiatives to support the greater Baton Rouge metropolitan area. As our credit union continues to make strides to assist more members with the financial products and services needed to improve their lives, we believe that we will all have a brighter future. We see the potential before us, and we are grateful for the opportunity to expand our resources to make a larger impact.”
EFCU Financial, which has more than 60,000 members, reported $8.8 million in net income through Sept. 30, with capital of 9%.
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