Poplar Bluff Federal Credit Union (Poplar Bluff) is pleased to announce a charter change, recently approved by the National Credit Union Administration (NCUA). The credit union now holds a rural district community charter.
“We have planned for a community charter for many years, and are excited to see it become a reality,” says Kirk Mondy, Poplar Bluff Federal Credit Union’s president and chief operating officer (CEO).
With the new charter, the credit union encompasses six counties in southeast Missouri: Butler, Carter, Dunklin, Ripley, Stoddard and Wayne. It was previously a multi-SEG charter with Butler County at its center.
“Our field of membership potential has tripled, giving us the opportunity to offer credit union services to many for the first time,” continues Mondy. “Three of these counties have no credit unions at all. One county has one credit union beside us, and another has only a branch office from a Michigan-based credit union. The region is essentially without credit unions, and is designated as low-income.”
Immediate plans will focus on an existing branch office in Dexter with an expansion open house scheduled at that location in the near future.
The credit union also received funding from its community development financial institutions (CDFI) this month. It has begun making loans under the grant program, which benefits the credit union’s community and members.
“This charter expansion fits hand-in-glove with our NCUA low-income credit union designation and with our recent CDFI certification,” says Mondy.