January 01 2008
LA Financial Federal Credit Union and Operation HOPE Partner to Bring Economic Independence and Financial Literacy to South Central Los Angeles Community
LA Financial Federal Credit Union Opens 4th Branch in California; Some 10,000 Residents Expected to Be Impacted by New Affiliation
LOS ANGELES, CA --- September 4, 2008 --- Economic empowerment nonprofit Operation HOPE (HOPE) and the rapidly growing LA Financial Federal Credit Union (LA Financial) announce a 3-year, co-branded partnership aimed at providing opportunity for economic independence for South Los Angeles community residents and their families. This is the latest initiative in HOPE's "Silver Rights" mission to eradicate poverty.
"Education is the ultimate poverty eradication tool, and financial literacy is one of the most important issues facing our nation today," said Operation HOPE President and Chief Operating Officer Bill Walbrecher. "Our partnership with LA Financial will help ensure that we give people a hand up, educating families about how to take control of their financial futures and their lives."
The new venture will allow each organization to expand its services to another market segment. Both parties expect to directly impact more than 10,000 clients, either through digital empowerment services, or one of their financial products or counseling programs.
As a result of the partnership, HOPE will offer "one-on-one" home ownership, credit and money management counseling to LA Financial members and unbanked residents of the surrounding community. The agreement will also promote HOPE's Banking on Our Future financial literacy program, encouraging LA Financial employees to volunteer as HOPE Corps members to teach local students the ABC's of being money smart.
LA Financial will provide competitive mortgage and consumer loan programs that will meet the needs of the community while encouraging residents to take advantage of membership benefits by becoming members of the credit union.
"Financial education is a vital element for more Americans from all walks of life and ages to achieve the American dream of financial independence," said Barbara Nall, LA Financial President and CEO. "We are pleased to join Operation HOPE in offering more opportunity and resources to communities that are often overlooked."
LA Financial Credit Union began in the late 1930's, building on a tradition of safety and security by providing first-rate service to its members. Member service is defined by excellence through fiscal responsibility, convenience, operating efficiency and ethical business practices. Membership is available to anyone who lives, works, worships, and volunteers or attends school or operates businesses or other legal entities in Los Angeles County, California.
In addition to its HOPE Banking Center Network (HBCN) activities, HOPE provides access to financial resources in underserved communities through a series of initiatives. Most recent programs include a toll-free Mortgage HOPE Crisis Hotline (1-888-388-HOPE) for homeowners facing foreclosure, and the 5 Million Kids Campaign aimed at breaking the cycle of high school dropouts by highlighting the importance of education in future financial successes.
LA Financial Federal Credit Union (LA Financial)
LA Financial is a not-for-profit Financial cooperative owned by its members. LA Financial was founded in 1937 "Courts and Records Federal Credit Union" serving L.A. County Court employees and several other departments within the County of Los Angeles. On January 1, 2003, the name was changed to LA Financial Federal Credit Union, a name that better reflects the diverse and growing membership and expanding services. LA Financial is headquartered in Pasadena, CA. Credit union membership is now available to anyone who lives, works, worships or attends school in Los Angeles County. LA Financial currently has more than 35,000 members with nearly $320 million in assets.