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Texas CUs Mentor New Federally Chartered Redeemer FCU
Wednesday, September 2, 2015 6:55 AM

On Friday, Redeemer Federal Credit Union became the fourth new federally chartered credit union of 2015.  National Credit Union Association's Office of Consumer Protection granted a single associational common bond charter to Redeemer Federal Credit Union to serve members and employees of the Redeemed Christian Church of God North America, Inc. Redeemer will be based in Greenville, Texas, and plans to open in December 2015.

The Redeemed Christian Church of God North America committed capital for the credit union and is providing free space, improvements, and utilities. The Redeemed Christian Church of God North America, a Pentecostal church, opened in Detroit, Michigan, in April 1992. There are nearly 700 parishes throughout the country today, with an estimated membership of 30,000 people.

The church purchased over 800 acres of land in Hunt County, Texas, where leaders are building a community that includes more than 100 single- and multi-family homes, a fish farm, schools, a water tower, a university, and now a credit union. They have already built a new worship center that seats 10,000 people, and plans are in place to build an additional five wings of seating in the near future.

“The Cornerstone Credit Union League extends our congratulations to the leadership of Redeemer FCU on their charter and welcomes the credit union as a league member,” said SVP of Credit Union Strategic Development Mike Delker. “We look forward to providing them with the assistance and service they will need to develop successfully and serve their members’ financial needs.” 

Redeemer FCU organizer Emmanuel Olaniran stated, “The Redeemer FCU is grateful for the help received from the Cornerstone Credit Union League during our chartering process and we’re happy to be the newest member of the League.”

Cornerstone Credit Union League Vice President – Small Credit Union Development Lorri Gaither has been actively working with this credit union since 2011 providing guidance and resources to the group throughout their chartering process. Cornerstone has worked collaboratively with NCUA’s Office of Small Credit Union Initiatives (OSCUI) to ensure the credit union has access to the tools and resources it needs to grow and thrive.

Maria Martinez, CEO of Border Federal Credit Union in Del Rio, Texas, has been instrumental during the chartering process and will continue to mentor with this group. The Redeemer FCU leadership plan to travel to Del Rio to view Border FCU's operations.

Suzanne Chism, president and CEO of Texas Health Resources CU will be mentoring the credit union locally, sharing experience and providing operational insight and guidance from the frontline.

Sherman Roberson, CEO of Oak Cliff Christian FCU in Dallas (chartered in 2008 and one of the last two credit unions chartered in the Cornerstone region) will also be mentoring this credit union. They will provide operational guidance and share their start-up challenges and successes with Redeemer FCU.

NCUA Board Chairman Debbie Matz congratulated the credit union and said, “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. This will be a source of affordable credit and financial education for potentially 30,000 church members.”