St. Louis Community Credit Union’s Latest Branch Represents Innovative Community Partnership: Micro-branch Becomes Oasis in St. Louis Financial Solutions Desert

St. Louis Community Credit Union’s Latest Branch Represents Innovative Community Partnership: Micro-branch Becomes Oasis in St. Louis Financial Solutions Desert

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Kept to right: Tim Butler (board user, SLCCU), Jasmine Guest (member services representative, SLCCU), Scott Walker (professional manager, Kingdom home), Tom Hough (CEO, Carrollton Bank), Gerald Brooks (board president, SLCCU), Angela Brooks (board member, SLCCU) and Karen Kizeart (branch supervisor, SLCCU).

In the early early early morning of January 24, representatives from St. Louis Community Credit Union (SLCCU), Carrollton Bank and Kingdom home joined with St. Louis community users most importantly to commemorate the opening of the brand new micro-branch of SLCCU and also the partnership that made the branch feasible.

The early early morning had most of the fanfare you’d expect from the typical ribbon-cutting ceremony—balloons, meals and speeches from https://approved-cash.com/payday-loans-ms/ leadership. But exactly what took the show had been two songs that are opening smiling 4- and 5-year-olds from the Blue place preschool course at Kingdom home, whom represent the families and provided dedication behind the party it self.

Preschool kids at Kingdom home had been the main event for the brand new chapter in their community’s history.

An Oasis in A Financial Institution Desert

The micro-branch that is 310-square-foot situated in the Kingdom home social services center simply south of downtown St. Louis. The branch is SLCCU’s location that is 11th.

“The latest Kingdom home branch talks to the unwavering dedication of supplying access and monetary empowerment to people who require our services,” said Patrick Adams, president and CEO of SLCCU. “We anticipate dealing with Kingdom home customers and area residents to deliver affordable, alternate banking choices they deserve.”

Scott Walker, executive manager of Kingdom home, said that the newest micro-branch is particularly valuable to your community it acts since it is located in that which was formerly called a “financial organization desert.” “There is nothing near by, within walking distance and even a coach trip away before you go directly to the downtown area,” Walker stated.

For over 110 years, Kingdom home happens to be an anchor within the low- to moderate-income (LMI) community, providing many different transformative community solutions that yearly assist thousands to quickly attain self-sufficiency and gain economic freedom. Utilizing a holistic solution approach with people and families, Kingdom House provides son or daughter care, meals and clothes support, academic programs, work training, youth and teenager programs, and senior companions. In accordance with Tom Hough, CEO of Carrollton Bank, it’s a good idea that Kingdom House would lead the fee to also provide literacy that is financial and fundamental banking solutions, loans, low-fee checking and credit-building programs through its partnership with SLCCU.

“At Kingdom home, we’ve been focusing on developing paths away from poverty for the customers, and life-skills classes are an integral part of that,” Walker stated. “The economic literacy classes which have been provided right here by Carrollton Bank and St. Louis Community Credit Union, and also the brand brand new branch, are a huge little bit of linking the dots among our different solutions.”

Officially launched by having a soft opening in mid-December, the micro-branch exposed nearly 40 new records inside the first few months and stretched $10,000 in small-dollar loans, like the Freedom Loan, a quick payday loan alternative; Credit issues, a credit-builder loan; and Payday Saver, a consolidation loan that is payday. The branch happens to be available 3 days a week—Mondays, Wednesdays and Fridays.

Additional Partnership Initiatives

The partnership between SLCCU and Carrollton Bank formally started in might 2012, once they announced a 4-year, $800,000 collaborative contract to improve lending, offer greater use of affordable services and increase economic education towards the regional underserved and LMI population. SLCCU is just a certified cdfi which has a lot more than 50,000 users and much more than $220 million in assets. Eighty % of their clients are thought LMI. Carrollton Bank is really an independently held, employee-owned bank with nine workplaces and much more than $1 billion in assets.

“St. Louis Community Credit Union lives to serve the underserved community,” says Hough. “Really, no body does that within our industry. We have been really lucky to work alongside them.”

Aside from the brand new micro-branch at Kingdom House, Carrollton and SLCCU have actually accompanied together to start and run the CU succeed Center, a economic literacy and life-skills training center situated in Northwoods, an LMI suburb of St. Louis. The guts provides consumer that is free, monetary training classes and seminars towards the public, taught mainly by employees through the two companies, with assistance from partner community teams.

Exercising exactly exactly exactly what it preaches, Carrollton can be supplying a $500,000 loan investment for small-dollar loans, such as for example SLCCU’s Freedom Loan and Credit issues. In addition, Carrollton now offers two extra loan programs perhaps maybe not presently offered by the credit union—low-down-payment FHA mortgage loans, offered by SLCCU workplaces, and commercial loans to area business people.

Tom Hough (left) from Carrollton Bank and Patrick Adams (right) from SLCCU forged an unique partnership between bank and credit union, specialized in really make a difference within their communities.

Unlikely Partnership Leads To Win-Win

The two institutions operate under different charters, which would normally become a wedge between them working together as a credit union and a bank. Just exactly What connects them as lovers, they do say, is the comparable mission-mindedness and dedication to make a sustainable huge difference in their communities.

Gerald Brooks, president of SLCCU, described the initiative during the ribbon-cutting ceremony being a partnership that is special “puts to sleep the misconception that credit unions and banking institutions can’t come together.”

By centering on just what draws these institutions together and utilizing revolutionary methods to capitalize on organizational assets, these three community lovers have actually developed a cutting-edge model which has had led to a win-win result due to their very own companies and their communities.

Brooks summed all of it up: “whenever a grouped community flourishes, most of us thrive.”

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