ALEXANDRIA, Va. (12/29/14)--Missouri-based Lutheran FCU has become the third new federally chartered credit union of 2014, the National Credit Union Administration announced last week.
Headquartered in St. Louis, Lutheran FCU is the first new federal charter in Missouri since 2005.
The charter was granted by the NCUA's Office of Consumer Protection to serve employees, active members and volunteers of the Lutheran Church--Missouri Synod and its affiliated districts, member congregations, seminaries and other closely aligned entities.
"All consumers need access to affordable financial products and services, and Lutheran Federal will help make those available to its members," said NCUA Chair Debbie Matz. "I want to commend everyone involved for their commitment to establishing this credit union."
The credit union is being supported by the Lutheran Church Extension Fund, a $1.8 billion entity providing investments and loans to Lutheran Church-Missouri Synod ministries globally.
The Lutheran Church-Missouri Synod consists of more than 6,000 congregations that operate approximately 850 elementary schools. It also operates two seminaries and is active in world missions in 90 countries.
Lutheran FCU expects to open in the second quarter of 2015, according to the NCUA.
During its first year of operations, the credit union plans to offer regular shares, share drafts, share certificates, credit cards, mortgage loans, auto loans, student loans, unsecured loans, online banking, mobile banking, ATM access, shared branching and bill payment.
According to the NCUA, its Office of Small Credit Union Initiatives, which provided guidance to the charter group throughout the chartering process, will continue to assist the new credit union.