According to the Nation Credit Union Association website a certified Community Development Financial Institution is a specialized financial institution that works in market niches that are underserved by traditional financial institutions.
CDFIs provide a unique range of financial products and services in economically distressed target markets. CDFI certification is a designation conferred by the CDFI Fund and is a requirement for accessing financial and technical award assistance from the CDFI Fund through the CDFI Program.
The CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to community development financial institutions (CDFIs). Since its creation, the CDFI Fund has awarded $1.11 billion to community development organizations and financial institutions.
BICU’s certification was announced at the annual Board meeting on April 15, which was open to all members of the Credit Union.
Chairman Dr. Ed McIntire addressed those who gathered at the meeting and emphasized the tremendous significance of this recognition.
He said, “Having the CDFI certification, the Credit Union can more easily access federal funding that will help to expand and enhance the financial and educational services offered.”
Denis Collins, BICU manager, said “Currently there are 1,250 active members; the Credit Union’s assets are $2.1 million and $1.3 million in the loan portfolio.”
At the meeting McIntire stated, “We have faced the same challenges that all financial institutions have seen over the past 18 months. We are positioned, however, to continue growing and offering our unique services. Financial literacy is more important than ever and we strive to make that part of every transaction.”
He also emphasized the vital role of the members in developing and maintaining a financial institution of this quality. He also commended the Board and management of the Credit Union for diligently maneuvering the economic challenges of the past few years in which many financial institutions were dissolved.
Members of the Credit Union board include Ed McIntire (chairman), Ian Harper (treasurer), Brenda Hughes (secretary), Alberta Hover, Oscar Kelley, Stan Martz, Brian Trotter, Brian Turner, and George Vallejo.
At the annual meeting McIntire recognized the dedicated service of three members whose terms are complete and will be retiring from the Board-Ian Harper served seven years, Brian Trotter served seven years, and Stan Martz served three years.
Three new members will be elected to fill the vacant seats at the next meeting. Brian Turner, who has served since 2007, has been appointed as incoming treasurer.
The board and staff of BICU cordially invites community individuals and families from all walks of life and socioeconomic status to get involved and help support BICU as it continues to serve our community with quality financial and educational opportunities.
BICU is located at 1075 Blythe Ave. S.E., in the Family Support Center (formerly Blythe Avenue School).
For more information call (423) 559-1181 or e-mail firstname.lastname@example.org.