First community credit union
First Credit Union opens in Coachella
In an area of the Coachella Valley long underserved by financial institutions, the city of Coachella welcomed the opening of Altura Credit Union on Feb. 24. Housed in a restored vintage firehouse located at 1515 Sixth St., Altura is the first credit union and only the second full-service financial banking institution in a city with an estimated population of 30,000, of which 95 percent are Hispanic.
Officials noted the project was made possible because of a partnership involving Altura, the Desert Alliance for Community Empowerment, the city of Coachella and the U.S. Department of Agriculture. The $570,000 firehouse restoration was funded through several sources, including a grant from the agricultural department, a grant from the National Credit Union Foundation, DACE and the city's redevelopment agency. "This is a terrific example of teamwork employed to address a critical cornerstone of community development; that is a community bank," said Jeff Hays, DACE executive director.
The facility will offer services that include savings and checking accounts, as well as lending programs for mortgages, automobiles and businesses.
Copyright Desert Publication, Inc. and Sharon Apfelbaum Mar 08, 2005
Provided by ProQuest Information and Learning Company. All rights Reserved
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