New Credit Union Will Serve North Carolina Local Government Employees
ALEXANDRIA, Va. (Dec. 20, 2017) – The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to Civic Federal Credit Union in Raleigh, North Carolina.
“Expanding access to affordable business loans, Civic Federal Credit Union is well-poised to enhance the communities of its members, and I congratulate them on their new charter,” NCUA Board Chairman J. Mark McWatters said. “The NCUA remains committed to finding opportunities to support members and encourage growth within the cooperative credit union model while continuing to ensure the safety and soundness of the Share Insurance Fund.”
Civic Federal Credit Union will serve the employees who regularly work in local government in North Carolina, including municipal corporate and other legal entities. The credit union will operate under a trade, industry or profession single common bond charter.
Civic is being chartered for the purpose of making member business loans, focusing on local government entities throughout the state. The estimated potential membership is 283,000. The credit union also plans to emphasize mobile access and a remote video experience center.
As the credit union grows, management plans to offer more diversified services, including real estate loans, education loans, and health savings accounts.
Civic will be managed by a board of directors and management team with proven experience in credit union management and commercial banking. This management team plans to offer multiple advanced services, including automated loan decisions, to both natural-person and commercial members.