PATELCO AND MISSION SF FORM PARTNERSHIP TO ASSIST MISSION RESIDENTS
Prominent Location Helps Expand Services to Unbanked and Youth
Patelco Credit Union and Mission SF Federal Credit Union (formerly Mission Area Federal Credit Union) teamed up recently to open a new shared branch in San Francisco.
The new office, which is located on the main cultural and commercial corridor of the Mission District, will house Mission SF FCU, its non-profit affiliate Mission SF Community Financial Center (formerly Mission Community Financial Assistance), and its Youth Credit Union Program.
“This new office makes us more visible to the community so we can reach more people and help them with their financial situations. That is our mission—to help people,” said Salvador Durán, the Manager and CEO of Mission SF Federal Credit Union, an $8 million credit union with 2,500 members. “This would not have happened without the support of Patelco. Anita [Macias] and her staff have been there every step of the way.”
Nearly one half of the Mission District population is foreign born, with two thirds of foreign born residents hailing from Central America and Mexico. According to a recent Brookings Institute estimate, a staggering 34,000 people in the Mission District (or 56 percent of the district’s population) are “unbanked” or without a relationship with a mainstream financial institution. The Brookings Institute also reports that the Mission District has the highest concentration of high-cost fringe financial services in the city. Until now, Mission SF has run out of a small office on the third floor of a neighborhood office building; the new shared branch office makes Mission SF more visible and accessible to the community.
Mission SF Community Financial Center—with Patelco’s support— operates a nationally recognized Youth Credit Union Program (YCUP), a leadership and savings program for children and youth. The YCUP—which has 500 members, $75,000 in assets and a staff of five young people—has recently added two new programs: a training arm, Youth Trainers for Economic Power, which employs eight youth trainers to teach other community youth about smart money management and financial services decision-making; and a market research arm, the Action Research Committee, which conducts focus groups and surveys to identify youth attitudes and habits related to saving and spending.
The National Federation of Community Development Credit Unions recently recognized the program for a decade of leadership and excellence in the youth credit union movement
Loving the San Francisco Bay Area... Community development, urban ministry, trying to defeat poverty, faith, religion, politics, good music, the quest for the perfect pizza, the Yankees, motorcycles... All in a 'day's life'
Friday, February 29, 2008
Mission SF Federal Credit Union
One of our partners in San Francisco recently opened a new branch in partnership with Patelco Credit Union. Big congratulations to Salvador, Libby, Anita and their staff!