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Strategic Partnerships that Pay Community Dividends
June 7, 2013
Presented byPaul Woodruff
St. Louis Community Credit Union
• Community Development Financial Institution (CDFI)– Designated by United States Treasury Department
• Low-Income Designated (LID) Credit Union– Designated by National Credit Union Administration
• Community Development Credit Union (CDCU)
St. Louis Community Credit Union• 51,000 members• $240 million in assets• 11 St. Louis area locations
– 6 in St. Louis County– 5 in St. Louis City
• Higher than average risk tolerance• Specialized to serve Low- and Moderate-Income
(LMI) populations
Strategic Partnerships
• St. Louis Community CU Foundation and CU Excel Center
• YWCA Small Dollar IDA Program• Micro-Branches• CRA Bank Partnerships
St. Louis Community CU Foundation• The Foundation
– Established in 2010 and 501c(3) designated– The Foundation exists to strengthen the St. Louis region
through economic empowerment by providing financial literacy education, resources, and support to low-to-moderate income residents in an effort to improve their standard of living and better their lifestyle.
CU Excel Center• The Center
– Launched in June 2012 to serve as a ‘destination point’ for consumer financial and life skills education
– Free group and one-on-one seminars are offered during the day, evening, and weekend to meet the education needs of SLCCU members and the broader community
– Volunteer instructors and SLCCU’s Financial Literacy Specialist teach all classes
• Program goal is to assist low-income women in overcoming barriers to permanent housing– i.e. Utility debt, outstanding rent payments, collection items, etc.
• YWCA leveraged a $7,500 grant from the United Way to provide a 1-to-2 savings match up to $500 per participant
• SLCCU created a non-custodial IDA account for clients, provides free money orders to pay off debts, and teaches free financial education classes
• Outcome: $1,400 saved and $1,800 in debt paid off
YWCA Small Dollar IDA Program
Micro-Branches• Three micro-branches have been launched since 2011
– MET Center– Grace Hill Settlement House– Kingdom House
• Range in size from 300sq feet to 800sq feet• SLCCU staff members are integrated into daily activities
and services offered at each facility• Member activity – lower balances, bill pay services, and
regularly scheduled financial education classes
Micro-Branches
Activity levels for branches from opening to April 2013
New Accts Total Loan Dollars Loans Booked Transactions
MET CenterEst. June 2011 1,126 $803,126.06 236 28,765
Grace HillEst. October 2011 933 $743,441.10 315 41,936
Kingdom HouseEst. December 2012 88 $82,131.00 39 2,607
2,147 $1,628,698.16 590 73,308
Micro-Branches
CRA Bank Partnerships• SLCCU and its Foundation work with banks to
provide free and affordable financial services• Current partnerships sponsor:
– Kingdom House micro-branch operations– $500,000 Alternative payday loan fund– $300,000 commitment for operations at new branch– Marketing – ‘The Community’ radio show– CU Excel Center®– Financial education instructors– College scholarship program
CRA Bank Partnerships
St. Louis Community Credit Union is more than a financial institution
For more information, please contact:
Paul Woodruff Community Development Manager