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News Detail
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| 11/1/03 |
Contact Information: |
| The Latino Community Credit Union Opens Fayetteville Branch Nov. 17 |
Rosimar Melendez |
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(910) 483-8489 |
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rosimar@fyifayettevillenc.com |
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Fayetteville, N.C., November 12, 2003 -- The Latino Community Credit Union, the largest such institution in the Southeast, and the fastest growing credit union in the US, will celebrate its grand opening in Fayetteville on Monday, November 17, 2003 at 11:00 a.m. LCCU invites the public to join the celebration at LCCU's newest branch office at 100 Hay Street in Downtown Fayetteville. Ms. JoAnn Johnson, Vice Chair of the National Credit Union Administration will be the keynote speaker.
The goal of the Credit Union is to provide immigrants, particularly the Latino community, access to safe and affordable financial services. Its first branch, in Durham, opened in June, 2000 and was the first financial service institution in North Carolina serving Latinos. The Charlotte branch opened in October, 2001, the Raleigh branch in November, 2002 and Greensboro in September, 2003. Among the four branches, LCCU now has more than 15,000 members and over $13.6 million in assets, according to CEO Luis Pastor.
"We are delighted to be in Fayetteville," said LCCU Chairman John Herrera. "This area has a huge Latino population, and much of it is in the surrounding rural counties. Now, those hard-working people don't have to drive to Raleigh or Charlotte to take advantage of our services."
As in the other branches, the LCCU in Fayetteville will offer a financial education program to introduce its members to mainstream financial services. Classes will be offered twice a month on topics such as How to Use a Checking Account, How to Use an ATM, How to Save and Create a Budget, How to Build Credit, How to Buy a Car, and How to Buy a House.
Maria Velasquez Constas, co-founder of the Fayetteville-based El Centro Hispano-Latino, said "this is a great day for Latinos in our area. The credit union is a national model for serving unbanked immigrants, who often become victims of crime and predatory businesses".
The nonprofit Latino Community Credit Union first opened in Durham in response to a public safety threat: Latinos had become targets of fraud and theft because they are often locked out of the economic system due to language and cultural barriers. LCCU, staffed by bilingual, multicultural employees, has become a way for the rapidly growing Latino community to build wealth and integrate into the financial system.
The Fayetteville branch of the LCCU will provide savings accounts, free check-cashing, free ATM access, money order services, low-cost money transfers, children's and youth savings accounts, and consumer loans to its members. Within the next few months, the LCCU will offer mortgage loans as well.
Numerous institutions have given their support to open the Fayetteville branch, including the United States Treasury Department First Accounts Program and Community Development Financial Institutions Fund, Z. Smith Reynolds Foundation, Self-Help, NC Minority Support Center, and the Centro Hispano/Latino, among others.
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