Downriver Credit Union Receives Approval for Charter Expansion
January 12, 2023, Southgate, MI— Downriver Community Federal Credit Union was granted approval by the National Credit Union Administration (NCUA) to expand its charter, and therefore its field-of-membership, to include those individuals who live, work, worship, or go to school in any part of Wayne or Monroe Counties.
“We are excited about the opportunity that this expansion brings,” says Robert LaPalme, Downriver CU’s President and CEO, “and our whole team is eager to serve the individuals and businesses in both counties in the Downriver Detroit region.”
A federally-chartered credit union has a field-of-membership that is limited to specific persons, organizations, and other entities. Under Downriver CU’s previous field-of-membership, individuals and businesses who were not located directly within one of the specific 18 cities outlined in the Credit Union’s charter were unable to join.
“Under our previous field-of-membership, many of our friends and family members who live in adjacent communities did not have the opportunity to utilize the full range of financial services that the Credit Union could provide,” LaPalme explains, “so this not only allows us to expand into new areas, but also makes the account opening process less complicated for those who would like to join. This action is directly tied to fulfilling our mission of ‘providing simple access to resources that help our members accomplish great things!’”
Downriver Community Federal Credit Union is a full-service financial institution founded in 1942 and is owned and controlled by over 13,000 members with three office locations, including Ecorse, Southgate, and Woodhaven. Services are available to anyone who lives, works, worships or attends school in Wayne or Monroe Counties. Businesses or other legal entities located in these counties can maintain accounts at the credit union, as well. All it takes to join is to open a prime share account with a minimum deposit of $5.00, which serves as the basic membership account. Once a prime share account is opened, the member may enjoy all of the Credit Union´s services, including accounts, lending services, and workshops. For more information about joining the Credit Union, please contact a Member Services Representative at (313) 386-2200 or visit www.DownriverCU.com.
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