The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to Unity of Eatonville Federal Credit Union in Eatonville, Florida. It is the fourth federal credit union chartered this year.
“This charter is a milestone event,” NCUA Chairman Todd Harper said. “Eatonville was incorporated in 1887 and was one of the first self-governing, all-Black municipalities in the United States. I am very proud to say the NCUA has chartered the first federally insured financial institution in this community.”
The credit union is sponsored by the Macedonia Missionary Baptist Church, Eatonville, Florida, and will provide financial services to a community that currently does not have a local financial institution.
“Your dedication and commitment to the success of Unity of Eatonville Federal Credit Union will not only benefit your community but also inspire others seeking to own and control their financial future through the cooperative model,” NCUA board Vice Chairman Kyle Hauptman said.
“By chartering the Unity of Eatonville Federal Credit Union, this community is responding to a need in a minority and underserved area, which will ultimately improve financial inclusion and financial access,” board member Rodney Hood said.
The new credit union will be designated a low-income credit union and will primarily serve people who live, work, worship, attend school, or participate in programs to alleviate poverty in Eatonville, the NCUA said in announcing the charter. The credit union also may qualify as a minority depository institution.
During its first year of operation, the credit union will focus on basic savings and lending services, including share accounts, checking accounts, certificates of deposit, direct deposit, wire transfers, debit/ATM access, certificates of deposit, auto loans, unsecured loans and credit counseling.
The credit union’s charter became effective December 21, 2021, and the credit union expects to be open for business in early 2022.