St. Louis Community Credit Union’s Commitment of Bringing Value to Consumers Receives National Recognition
St. Louis Community Credit Union recently received the 2012 Member Benefits Outstanding Performance Award from the Credit Union National Association (CUNA). According to CUNA, consumers who bank with the Credit Union save an average of $357 per year compared to local bank customers. St. Louis Community Credit Union was recognized in its asset class of $75 million to $250 million.
“This honor means a lot to us as we exist to serve the underserved,” said Patrick Adams, President/CEO, St. Louis Community Credit Union. “We bring value to populations that are historically marginalized or disenfranchised when it comes to receiving affordable financial services. From offering quality products and services to deploying branches in underserved communities, we are making a difference.”
Products and Services
St. Louis Community Credit Union invests in the community in a variety of ways. As a full-service financial institution, the organization primarily serves low-to-moderate income individuals living in and around the region’s urban areas. It offers second-chance checking products, reloadable debit cards, credit building services and a payday loan alternative in an effort to help break the predatory lending cycle for consumers.
Mini-branches within Social Service Agencies
Oftentimes, individuals living in underserved communities do not have convenient access to much-needed financial services. As a way to promote financial empowerment, St. Louis Community Credit Union invests time and resources into developing offices that cater to those populations. In 2011, the Credit Union began an effort to place mini branches within social service agencies. These locations operate like any other Credit Union branch and range between 300 and 800-square-feet. The Credit Union opened its first mini branch in the MET Center in summer 2011. The organization expanded into two additional offices thereafter: Grace Hill Water Tower (2011) and Kingdom House (2012).
Financial Literacy and Life Skills Education – CU Excel Center®
In 2012, the Credit Union’s Foundation, the St. Louis Community CU Foundation, opened the CU Excel Center® in Northwoods, MO with support from Carrollton Bank. The Center serves as a destination point and a trusted source for consumer information, financial education and empowerment for the region. It offers a platform to promote and encourage self-sufficiency and financial dignity through the power of education.
All classes are taught by dedicated subject matter experts, including: a full-time financial educator and community outreach specialist, bank partners and social services representatives. Collectively, these groups join forces to help low-to-moderate income residents improve their standard of living and better their lifestyle. Attendees can receive free information on a variety of subjects from effective budgeting to managing stress. All classes are free of charge.
Since opening, the CU Excel Center has served more than 1,500 people. The Credit Union and the Foundation have reached more than 20,000 since 2008 through their financial education efforts.