PITTSBURGH—Tri Valley Service FCU said it has been approved by NCUA to expand to a community charter and that it plans to specifically focus on the underserved.
The new charter will allow the $16-million credit union to serve those who live, work, study, volunteer, and worship in the following municipalities of Pennsylvania: Baldwin Township, Borough of Crafton, Borough of Dormont, Borough of Dravosburg, City of Duquesne, Borough of Green Tree, Borough of Heidelberg, Borough of Homestead, Borough of Ingram, Borough of Mt Oliver, Borough of Munhall, City of Pittsburgh, Borough of Rosslyn Farms, Borough of West Homestead, Borough of West Mifflin and Scott Township.
In announcing its expansion, Tri Valley Service FCU quoted Pittsburgh Mayor Bill Peduto, who said 10% of Pittsburgh residents have no bank account and another 19% rely heavily on risky alternative financial tools such as payday loans, check-cashing shops, and rent to own arrangements.
This represents more than 130,000 households living without financial security, the credit union said.
‘Correcting the Situation’
“The credit union mission, people helping people, drives us to play a part in correcting the situation. Credit unions were established to promote savings, thrift and provide people of limited means access to credit,” said Carol Mattesi, CEO of Tri-Valley Services Federal Credit Union. “Tri Valley Service FCU has had great success with low-cost personal loans and plans to offer those to the general public. This will help the underserved public refrain from turning to payday loans and check-cashing shops, especially during high spending times like the holidays.”
TVSFCU said it is “excited to have the opportunity to grow the credit union and expand financial services to help the community, specifically the people who are unbanked or underbanked.”
“At Tri Valley Service FCU, we are also committed to putting members into the best loan option for them, not just the loan that will make us the most money. We look at each individual situation and underwrite accordingly,” added Mattesi. “We don't just make all of our loans fall into a predefined bucket.”
The credit union has more than 3,800 members.