SALINAS, Calif. (10/24/14)--A new credit union branch is a welcome addition to every community, bringing access to well-priced financial services. But allUS CU's announcement of construction of a new headquarters this week was especially welcome because it also helped preserve a local library.
The $35 million-asset credit union's new building will be constructed on land leased from the city of Salinas, with the first 40 years paid in advance. The $1.4 million payment will be used to fund expansion of the town's library.
"We feel the role of the library is critical to our community and together with the city of Salinas, led by Mayor [Joe] Gunter, the credit union will play an important role in reaching the goal of funding a new library at the El Gabilan location," allUS CU President/CEO Patrick Redo said at a press conference announcing the plan.
"allU.S. Credit Union believes in private and public partnership and developed the idea to prepay its lease to the city of Salinas in order to help the library system, as we feel when the community prospers, we all prosper."
The new building gives the credit union a new identity, Redo said. A library is synonymous with community and education, which are compatible with the credit union's mission.
The new credit union building will feature a community room that the library and other nonprofits will be able to use for monthly events or educational forums. Previously, it was housed on the site of a former Sizzler restaurant.
A groundbreaking ceremony will take place in March with an anticipated opening date of October 2015, Redo said.