ALEXANDRIA, Va. (8/31/15)--Redeemer FCU is the fourth new federally chartered credit union of 2015, the National Credit Union Administration (NCUA) announced Friday. Redeemer FCU has been granted a single associational common bond charter to serve members and employees of the Redeemed Christian Church of God North America Inc.
“The members and employees of the Redeemed Christian Church of God North America will now have access to affordable financial services through their new credit union,” said NCUA Chair Debbie Matz. “This will be a source of affordable credit and financial education for potentially 30,000 church members.”
The new credit union will be headquartered in Greenville, Texas, and will likely open in December, according to the NCUA. During its first year, it plans to offer: regular shares; share certificates; club accounts; unsecured loans; share-secured loans; vehicle loans; direct deposit; money orders; and cashier’s checks.
The Redeemed Christian Church of God North America committed capital for the credit union and is providing free space, improvements and utilities. The church has nearly 700 parishes throughout the country, with an estimated membership of 30,000 people.