RALEIGH, N.C. –NCUA has granted a federal charter and Share Insurance Fund coverage to Civic Federal Credit Union here.
Civic Federal will serve the employees who regularly work in local government in North Carolina, including municipal corporate and other legal entities. The credit union will operate under a trade, industry or profession single common bond charter, according to NCUA.
The agency said Civic is “being chartered for the purpose of making member business loans, focusing on local government entities throughout the state. The estimated potential membership is 283,000.”
Initial plans call for emphasizing service through mobile access and a “remote video experience center.”
The new credit union has been chartered to serve a field of membership already served by the $1.9-billion Local Government Employees FCU, which is aligned with the nation’s second largest credit union, the $37-billion State Employees CU, both of which are similarly headquartered in Raleigh. LGEFCU has 315,000 members.
“Expanding access to affordable business loans, Civic Federal Credit Union is well-poised to enhance the communities of its members, and I congratulate them on their new charter,” NCUA Board Chairman J. Mark McWatters said in a statement. “The NCUA remains committed to finding opportunities to support members and encourage growth within the cooperative credit union model while continuing to ensure the safety and soundness of the Share Insurance Fund.”