“font-size: 9.0pt; line-height: 115%; font-family: Verdana;”>St. Louis Community Credit Union recently opened a branch at the Metropolitan Education and Training Center, located at 6347 Plymouth Ave. in Wellston, part of the credit union’s strategy to bring mainstream banking services to underserved markets in its service area, which includes “font-size: 9.0pt; line-height: 115%; font-family: Verdana; mso-fareast-font-family:” lang=”EN-GB” xml:lang=”EN-GB”>the city of St. Louis and St. Louis County in Missouri, and St. Clair, Madison, Monroe and Jersey counties in Illinois.
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“font-size: 9.0pt; line-height: 125%; font-family: Verdana; mso-fareast-font-family:”> In 2010, St. Louis Community Credit Union grew its assets ( “font-size: 9.0pt; line-height: 125%; font-family: Verdana; mso-fareast-font-family:” lang=”EN-GB” xml:lang=”EN-GB”>currently valued at more than $207 million) by 9.1 percent. It experienced a 10.8 percent growth in new members (with more than 40,000 total members)
“font-size: 9.0pt; line-height: 125%; font-family: Verdana; mso-fareast-font-family:”> compared to a “font-size: 9.0pt; line-height: 125%; font-family: Verdana; mso-fareast-font-family:” lang=”EN-GB” xml:lang=”EN-GB”>1.6 percent industry average, according to its website.
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Patrick Adams
is president of St. Louis Community Credit Union, and
“font-size: 9.0pt; font-family: Verdana; mso-fareast-font-family:” lang=”EN-GB” xml:lang=”EN-GB”>Gerald Brooks, an African American, is chairman of its Board of Directors.
“font-size: 9.0pt; line-height: 115%; font-family: Verdana;”>Adams, who maintains a blog about the credit union’s work, has written passionately about the economic crisis in black communities and the need to build wealth in black households.
“font-size: 9.0pt; line-height: 115%; font-family: Verdana;”>Adams blogged about the recent Pew Research Center study on wealth in America with reported that the disparity in household income between minority and white families steepened deeply between 2005 and 2009.
“font-size: 9.0pt; font-family: Verdana;”>“Inflation-adjusted median wealth did a nose dive over the four-year period in question,” Adams blogged. “Hispanic households lost two-thirds of their wealth, and African Americans lost 53 percent.”
“font-size: 9.0pt; line-height: 115%; font-family: Verdana;”>Unlike many who reported on the study, Adams is in a position to make concrete contributions to addressing the disparities.
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how do we roll-up our sleeves and jump in and provide solutions?”
Adams asked.Â
“font-size: 9.0pt; font-family: Verdana;”>“We are about creating cash-flow in the household through value in financial services. If you’re a saver, then rates are higher. If you’re a borrower, then rates are lower. If you’re a transactor, then fees/costs are much more palatable. Pick one – it all means more wealth.”
“font-size: 9.0pt; line-height: 115%; font-family: Verdana;”>The new credit union branch, in the underbanked majority-black community of Wellston, is its ninth. “ “font-size: 9.0pt; line-height: 115%; font-family: Verdana; mso-fareast-font-family:” lang=”EN-GB” xml:lang=”EN-GB”>Our mission is to provide financial education and economic empowerment to our members – especially the underserved segment of the community,” the credit union states on its website.
“font-size: 9.0pt; line-height: 115%; font-family: Verdana;”>The new branch is located in the MET career-training center – a
“font-size: 9.0pt; line-height: 115%; font-family: Verdana; mso-ansi-language: EN;” lang=”EN” xml:lang=”EN”>public/private partnership between St. Louis Community College, St. Louis County government, Better Family Life, East-West Gateway Regional Jobs Initiative and St. Louis Agency for Training and Employment – that serves largely minority clients.
“font-size: 9.0pt; line-height: 115%; font-family: Verdana; mso-ansi-language: EN;” lang=”EN” xml:lang=”EN”>The branch opening was supported and attended by many of the region’s most senior African-American elected officials, including County Executive Charlie A. Dooley, state Senator Maria Chappelle-Nadal and Lewis Reed, president of the Board of Aldermen for the City of St. Louis.
“font-size: 9.0pt; line-height: 115%; font-family: Verdana;”>Comptroller Darlene Green, Reed’s colleague on the city’s chief fiscal body, the Board of Estimate & Apportionment, is honorary chairperson of t “font-size: 9.0pt; line-height: 115%; font-family: Verdana; mso-fareast-font-family:”>he St. Louis Regional Unbanked Task Force. This task force, she wrote in The American last week, “is dedicated to analyzing and implementing best practices to improve banking products and services for the unbanked and underbanked in the St. Louis region.”
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“font-size: 9.0pt; line-height: 125%; font-family: Verdana; mso-fareast-font-family:”> Green wrote eloquently of the need for minority families to enter the mainstream banking system and build credit and wealth.
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“font-size: 9.0pt; line-height: 125%; font-family: Verdana; mso-fareast-font-family:”> “Many throughout our communities do not have a saving or checking account. They have no credit history to pay for purchases over time or get a bank loan,” Green wrote.
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“font-size: 9.0pt; line-height: 125%; font-family: Verdana; mso-fareast-font-family:”> “Thousands of people are caught in the cycle of having to use payday lenders, title loans and other expensive, high-interest means in order to make ends meet. The task force wants to break this cycle by educating people and introducing them to banking services designed specifically for their needs. Over time, this will allow them to establish a credit history, learn the value of saving and teach them how to become financially astute.”
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“font-size: 9.0pt; line-height: 125%; font-family: Verdana; mso-fareast-font-family:”> The task force created the first Financial Opportunities Pavilion at the upcoming Missouri Black Expo, to be held Saturday and Sunday, August 20 and 21, at America’s Center. St. Louis Community Credit Union will provide financial literacy workshops on Saturday. Other partners include Commerce Bank, Fifth Third Bank, First Bank, Midwest Bank Centre, Montgomery Bank, Regions Bank and Vantage Credit Union.
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“font-size: 9.0pt; font-family: Verdana; mso-fareast-font-family:”>For more information on “font-size: 9.0pt; font-family: Verdana;”>t
St. Louis Regional Unbanked Task Force, contact
“mailto:stlunbanked@gmail.com”>
“text-decoration: none;”>stlunbanked@gmail.com
information on
“font-size: 9.0pt; font-family: Verdana;”>St. Louis Community Credit Union, visit www.stlouiscommunity.com.
