The National Credit Union Administration announced that it has granted a federal charter and Share Insurance Fund coverage to Civic Federal Credit Union of Raleigh, NC.
The agency said that Civic FCU will serve 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. It has an estimated potential membership of 283,000.
The de novo joins two prominent credit unions in the state--and both head also headquartered in Raleigh--that also serve government employees: $37 billion State Employees CU and $1.8 billion Local Government Employees CU
Civic FCU is being chartered for the purpose of making member business loans, focusing on local government entities throughout North Carolina.
As the credit union grows, its management plans to offer more diversified services, including real estate loans, education loans, and health savings accounts.
In addition, Civic FCU 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.
“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’s board chairman J. Mark McWatters said in a statement. “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.”