HENRICO, Va.–The National Cooperative Bank (NCB) said it has made a $3 million subordinated debt loan to Henrico Federal Credit Union.
The $432.6-million Henrico FCU is a low-income designated credit union with 32,000 members.
According to NCB, the subordinated debt will be used to support the credit union’s growth and expansion of lending and innovative financial programs.
Henrico FCU recently established a Financial Empowerment Center geared towards helping low- and moderate-income adult learners achieve financial peace of mind, and has partnered with Henrico County Public Schools to establish a financial empowerment center within their new 48,500-square-foot adult education center, NCB noted.
“NCB is proud to work with Henrico Federal Credit Union to support their mission of community empowerment by expanding financial resources to their local communities,” stated Ann Fedorchak, NCB Senior Vice President.
Support for Initiatives
Added Chris Williams, president/CEO of Henrico FCU, “Henrico FCU values NCB and their investment in our credit union. Their support will assist the credit union in achieving several key initiatives designed to strengthen local communities and promote financial well-being for all.”
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