Self- Help Federal Credit Union's new branch will serve the central Los Angeles area
CIT Bank N.A. and its California branch division OneWest Bank today announced a significant increase in its support for working families and underserved communities. The $6 million investment to Self-Help, a national community development financial institution, enables the creation of a new, full-service credit union branch in central Los Angeles. This investment builds on CIT's grant to Self-Help last year for the same effort.
"CIT seeks to promote economic stability across Southern California where we live and work," said Steve Solk, president of Consumer Banking for CIT. "This investment reflects our commitment to enabling local residents the opportunity to achieve financial security through home ownership and affordable financial products and to empowering small businesses to grow and thrive."
Self-Help expects to serve more than 5,000 new individuals and families in need of affordable checking and savings accounts, mortgages, small business and commercial loans over the next 5-10 years through the new location. The new central Los Angeles location expands Self-Help's existing Southern California footprint, which currently includes two branches in Los Angeles County and a third in the City Heights neighborhood of San Diego.
"CIT's investment allows Self-Help to leverage our existing presence in the region and scale our efforts to reach many more individuals and families in service of our mission — to create and protect ownership and economic opportunity for all," said Steve Zuckerman, president of Self-Help Federal Credit Union.
Approximately 85 percent of Self-Help borrowers qualify as low-income, 91 percent are people of color, and 57 percent reside in distressed areas. Self-Help expects to open the new branch and begin serving members in 2019.
SOURCE CIT Group Inc.