HEATH, Ohio–Two credit unions are reporting they have earned their community development financial institution (CDFI) designations from the Treasury Department.
In Ohio, Hopewell Federal Credit Union said the CDFI certification will allow it to better serve Licking, Franklin and Delaware counties in Ohio.
The $138.6-million CU noted the CDFI certification was granted with the purpose of generating economic growth and opportunity in some of the nation's most distressed communities.
“With potential CDFI resources, we will grow our loan and deposit programs to give opportunities to and reach more underserved and underbanked families and businesses in our communities,” said Chris Simmons, CEO/president of Hopewell Federal Credit Union
Hopewell FCU said the certification will now allow it to apply for CDFI Fund grants, which must be used to support financially vulnerable residents and communities.
Assist from CU Strategic Planning
The 8,700-member HFCU said it received assistance in its CDFI application from CU Strategic Planning, Tacoma, Wash.
“We’re incredibly proud of the work our client credit unions do to unlock opportunities within their communities and make a measurable difference in people’s lives,” said Stacy Augustine, CEO and owner of CU Strategic Planning. “CDFI certification validates that these credit unions are already doing the resource-intensive work of serving underserved communities. Most credit unions are already doing the work of CDFIs, and we encourage more credit unions to explore certification to expand their influence and serve even more people living banking deserts and hard-working yet economically disadvantaged people.”
New CDFI in Palmetto State
Separately, in Columbia, S.C., the $1.3-billion Palmetto Citizens FCU said it has also qualified for the CDFI certification.
“We’re excited to earn this designation on behalf of the communities we serve and the people who live and work there,” said Palmetto Citizens President and CEO Robert Dozier, Jr. “The loan, grant and investment opportunities available to us as a CDFI will allow us to increase the impactful mission-driven work we’re already doing of bringing low-cost financial solutions to areas in the Midlands most in need. As we look for ways to continue to make a positive impact throughout the Midlands, being among the financial institutions with the CDFI designation will go a long way in helping us truly make a difference in peoples’ lives, which is what Palmetto Citizens is all about.”
Palmetto Citizens has more than 100,000 members.
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