Thursday, September 30, 2010

More Credit Unions Gain Access to TARP Funds

The U.S. Department of the Treasury announced that 22 additional credit unions received secondary capital in the form of subordinated debt from the Community Development Capital Initiative. The aggregated amount invested by Treasury was almost $32.7 million.

Below is a list of credit unions along with the amount invested.

Lower East Side People's Federal Credit Union (New York, NY) $ 898,000
Atlantic City Federal Credit Union (Lander, WY) $ 2,500,000
Neighborhood Trust Federal Credit Union (New York, NY) $ 283,000
Gateway Community Federal Credit Union (Missoula, MT) $ 1,657,000
Union Baptist Church Federal Credit Union (Fort Wayne, IN) $ 10,000
Buffalo Cooperative Federal Credit Union (Buffalo, NY) $ 145,000
Tulane-Loyola Federal Credit Union (New Orleans, LA) $ 424,000
Alternatives Federal Credit Union (Ithaca, NY) $ 2,234,000
Liberty County Teachers Federal Credit Union (Liberty, TX) $ 435,000
UNO Federal Credit Union (New Orleans, LA) $ 743,000
Butte Federal Credit Union (Biggs, CA) $ 1,000,000
TULIP Cooperative Credit Union (Olympia, WA) $ 75,000
Phenix Pride Federal Credit Union (Phenix City, AL) $ 153,000
Pyramid Federal Credit Union (Tucson, AZ) $ 2,500,000
Cooperative Center Federal Credit Union (Berkeley, CA) $ 2,799,000
Prince Kuhio Federal Credit Union (Honolulu, HI) $ 273,000
Community First Guam Federal Credit Union (Hagatna, GU) $ 2,650,000
Brewery Credit Union (Milwaukee, WI) $ 1,096,000
Tongass Federal Credit Union (Ketchikan, AK) $ 1,600,000
Santa Cruz Community Credit Union (Santa Cruz, CA) $ 2,828,000
Community Federal Credit Union (San Francisco, CA) $ 350,000
Fairfax County Federal Credit Union (Fairfax, VA) $ 8,044,000

I was shocked to learn that Fairfax County FCU is a community development financial institution. Fairfax County is the second richest county in the country with a 2008 median household income of almost $107,000, according to the Census Bureau.


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