Montgomery County Employees Federal Credit Union is the latest CU to earn a Community Development Financial Institution designation from the United States Treasury Department.
The Germantown, Md.-based institution serves more than 14,000 members, primarily Montgomery County government employees and local business members. The credit union currently holds approximately $130 million in assets.
“The entire team at MCEFCU has been working hard to achieve this designation over the past few months,” CEO Jim Norris said in a statement. “We could not be happier in receiving this designation.”
In order to obtain CDFI certification, a financial institution must demonstrate that it provides financial products and services to the economically disadvantaged, as well as show they are serving one or more low-income target markets.
For MCEFCU, the first step in obtaining CDFI designation started with the opening of its Silver Spring branch. The credit union subsequently submitted to the Treasury a detailed plan that illustrated how it serves economically disadvantaged communities.
“The Silver Spring community presents an incredible opportunity for the credit union to expand our community development efforts,” said Jorge Saenz, MCEFCU’s chief development officer.
MCEFCU plans to begin executing its CDFI plan in the upcoming months.
According to call report data, Montgomery County Employees FCU earned about $74,000 during the first quarter of 2018, having earned a total net income of more than $885,000 during 2017.