Community Choice FCU celebrates 25 years
Congratulations come from state, federal legislators
July 25, 2006

Distributed to trade publications.

INDIANAPOLIS, EAST SIDE-- Indiana’s only credit union that was chartered specifically as a Community Development Credit Union (CDCU) celebrated 25 years of service to members on the near east side of Indianapolis. CDCUs are chartered to serve low- and moderate-income people and communities. Other Indiana credit unions have added lower income areas to their fields of membership, but were not chartered specifically for this purpose. The two-day celebration marking the 25th anniversary of Community Choice FCU began July 20 at the Historic Firehouse #2 during a reception attended by members, state legislators, Cliff Rosenthal who is the Executive Director of the National Federation of Community Development Credit Unions and Indiana League President John McKenzie. On July 21, the credit union partnered with community and city representatives to celebrate the revitalization of the area by hosting an ice cream social following the dedication of Moon Block Park, which is nearby.

Plaque Presentation Indiana Credit Union League President John McKenzie (second from left) presented commemorative plaques from the League and CUNA at the 25th anniversary reception for Community Choice FCU. Shown at the event are, from left: State Representative Greg Porter (D-Indianapolis); McKenzie; Board Chairman Kathy Wallace; Director Daniel Herbertz; CEO Barbara Black; State Representative John Day (D-Indianapolis) and Cliff Rosenthal who is Executive Director of the National Federation of Community Development Credit Unions (the Federation). Black is treasurer of the Federation and is in her 12th year of service on its board of directors.

The revitalization efforts were covered by television news crews who interviewed credit union CEO Barbara Black. “Neighbors and friends feel uplifted when they visit our credit union,” she explained to the TV audience. “We are committed not just to service for our members, but also to involvement in projects that impact the communities where those members do business.” Black is on the board of the East Tenth Street Civic Association, which has organized the park revitalization over the last few years, and she was recognized during the ceremony by its president, who said, “Without this credit union, there would be a void in our neighborhood.”

As a CDCU, Community Choice FCU serves a vital role in providing access to affordable loans and financial services, promoting savings and helping low-income families build assets and become stakeholders in their community while serving as an alternative to high-cost fringe lenders. The credit union’s milestone anniversary was recognized by Hoosier legislators.

The reception on July 20 was especially meaningful for State Representative Greg Porter (D-Indianapolis) who is a former chairman of the credit union and a long-time board member. In his remarks, he expressed the importance of having the credit union in the community and its role in helping area residents establish and repair credit. State Representative John Day (D-Indianapolis) attended the reception to offer his personal congratulations. He indicated his admiration of the credit union’s work and commented, “Perhaps one of the major needs of the people of the district I am privileged to serve, is to have a sense of hope, a sense of positive direction. The credit union has given this gift for a quarter of a century. May you continue to bring this gift of hope to all those you serve.”

Indianapolis Mayor, Bart Peterson proclaimed July 20 to be Community Choice Federal Credit Union Day, saying in his proclamation that the credit union is “a vital part of the Downtown community and the revitalization of East 10th Street.”

Congresswoman Julia Carson (D-7) could not attend the park dedication and ice cream social, but sent a representative who read a letter from her. “When we invest in our community, it serves all of us well,” she wrote. “I look forward to the success of this area. I salute you.”

Cliff Rosenthal traveled from the Federation’s New York office to attend the credit union’s events. “An anniversary like this is especially gratifying because of the degree to which this credit union works with a range of neighborhood organizations,” he said. “They have been a key part of neighborhood associations for a number of years and it is paying off now.”

Over the years, both the Federation and the Indiana CU League have worked to strengthen and advocate for credit unions like Community Choice FCU. “It’s been a privilege to work with the Indiana Credit Union League in supporting Community Choice FCU,” Rosenthal added. “The work this credit union does each and every day to help its members and its community is truly inspiring and the Federation stands proudly beside them.”

“Everyone associated with Community Choice FCU deserves to be extremely proud of how their hard work, dedication and perseverance has made it possible to celebrate 25 years of fulfilling such an important mission on the near east side of Indianapolis,” said League President John McKenzie. “Barbara Black’s leadership of this credit union and at the national level as a Federation board member has resulted in credit union services being made more readily available to low- and moderate-income communities, where they enhance the quality of life for countless people and families.

MORE ABOUT COMMUNITY CHOICE FEDERAL CREDIT UNION

Community Development Credit Unions
A community development credit union (CDCU) is a credit union with a special mission of serving low- and moderate-income people and communities.

More about Community Choice FCU
Founded in 1981, the credit union serves low- and moderate-income persons and businesses on the east side of Center Township in Indianapolis.

Since inception, the credit union has provided access to affordable credit and financial services to more than 10,000 residents and organizations, approximately 50% of whom had previously been “unbanked.” The credit union has made over 6,200 loans totaling $24.4 million in its investment area and has helped approximately 250 low-income families become and remain homeowners.

Key products: Along with traditional checking, savings and lending products, Community Choice FCU partners with other businesses and agencies to provide special products and services. The Financial Foundations program is a partnership with the John H Boner Community Center that provides Individual Development Accounts and financial education programs. The credit union also has partnerships that provide loan funds for home renovations, and for small business development. Recently the credit union made its first two Micro-Enterprise loans to women business owners.

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