NASHVILLE, Tenn. — A small credit union here has introduced a new look, brand and FOM.
The $2.3-million Metropolitan Teachers Credit Union, which was founded to serve the financial needs of African-American and minority Metro Nashville School employees and families from what the Tennessee Tribune described as a “non-descript location,” has now expanded to serve the needs of small businesses along the Jefferson Street Corridor.
The infrastructure of the building has been upgraded inside and out to achieve a more modern welcoming look. Signage that makes the building more visible and identifiable was also added, the Tribune reported. In addition, computer systems have been upgraded, the entrance was moved from the side to the front of the building, two new interior rooms were added and interior rooms were altered to reflect an open-space concept.
“We are upgrading to reach today’s community, fill the financial needs of the community and keep our legacy alive,” Rev. James Sawyers, board chairman of the Metropolitan Teachers Credit Union, told the Tennessee Tribune.
The report noted that in the early 1950s, it was often difficult for African Americans to receive loans. The goal of the credit union was to serve the financial needs of African-American teachers in the Nashville area, many of whom went without paychecks when school was out during the summer months.
A small group of eight educators united to form a Teachers Benefit Association, which later evolved and was renamed Metropolitan Teachers Credit Union.
Aiming to ‘Keep Doors Open’
“One of the things that helped our credit union survive as long as it did, is we were able to do payroll deduction,” MTCU CEO Beverly Barton said, adding that the credit union has always continued to evolve and deliver new services. “If we want to keep our doors open and become a viable part of this community, we have to offer services people want.”
Metropolitan Teachers Credit Union has more than 900 members, and has been approved by the state regulator to expand its FOM to small businesses with less than 500 employees who don’t have access to another credit union.
MTCU said it specializes in small loans, but is expanding its business to include car loans. In the future, MTCU said it hopes to partner with a mortgage company to offer home loans.