The United States’ National Cooperative Bank (NCB) has announced it has provided Henrico Federal Credit Union (Henrico FCU) with a US$3m subordinated debt loan.
Henrico FCU is a low-income designated credit union with 32,000 members. Established in 1967, it is headquartered in Henrico County, Virginia, and serves those who live, work, worship, or attend school in 20 cities and counties throughout the greater Richmond area.
Last year, Henrico FCU set up a Financial Empowerment Center to support low- and moderate-income adult learners achieve financial peace of mind, through a partnership with Henrico County Public Schools.
NCB, which provides banking solutions to co-operatives and socially responsible organisations across the US, says it has offered the loan to enable Henrico FCU to grow and expand its lending and financial programs.
Ann Fedorchak, NCB senior vice president, said: “NCB is proud to work with Henrico Federal Credit Union to support their mission of community empowerment by expanding financial resources to their local communities.”
Chris Williams, CEO of Henrico FCU said: “Henrico FCU values NCB and their investment in our credit union. Their support will assist the credit union in achieving several key initiatives designed to strengthen local communities and promote financial well-being for all.”