GOLDSBY, Okla.–NCUA has granted a federal charter and National Credit Union Share Insurance Fund coverage to Growing Oaks Federal Credit Union here. It is the first federal CU to be granted a charter in 2020.
The credit union’s charter became effective Aug. 7, and the organizers expect to begin operations in December, NCUA said.
Growing Oaks Federal Credit Union will serve people who live, work, worship, or attend school in, and businesses and other legal entities located in Canadian, Cleveland, McClain, and Oklahoma counties in Oklahoma.
“It is always inspiring to see people in a community come together to create affordable financial opportunities for their neighbors and their local economy,” NCUA Chairman Rodney E. Hood said in a statement. “I congratulate the organizers whose vision and hard work made Growing Oaks a reality. I share their values of encouraging community participation, promoting financial inclusion, and helping people build greater financial security for themselves and their families.”
According to the agency, during its first year of operations, Growing Oaks will focus on consumer signature and used automobile loans and offer its membership:
- Regular shares, share certificates and share drafts
- Retirement accounts
- Wire transfer services
- Electronic transaction services