New credit union will serve NC local government employees with business loans, remote access

A new credit union – with an estimated membership potential of 283,000 – has been chartered in North Carolina, and will operate under a broad charter serving employees of local government in the state, with an emphasis on business lending.

The National Credit Union Administration (NCUA) said it chartered Civic Federal Credit Union in Raleigh to serve local government employees in the state. According to the agency, the credit union will serve the employees who regularly work in local government in North Carolina, including municipal corporate and other legal entities. The credit union, NCUA said, will operate under a “single common-bond” charter that includes persons in a trade, industry or profession (TIP).

According to the agency, the credit union is being chartered to make member business loans and will focus on local government entities throughout the state. The agency said credit union also plans to emphasize mobile access and a remote video experience center.

As the credit union grows, NCUA added, management plans to offer more diversified services, including real estate loans, education loans, and health savings accounts.

The credit union also plans to offer multiple advanced services, including automated loan decisions, to both natural-person and commercial members, according to NCUA, and will be managed by “a board of directors and management team with proven experience in credit union management and commercial banking.”

“Expanding access to affordable business loans, Civic Federal Credit Union is well-poised to enhance the communities of its members, and I congratulate them on their new charter,” NCUA Board Chairman J. Mark McWatters said. “The NCUA remains committed to finding opportunities to support members and encourage growth within the cooperative credit union model while continuing to ensure the safety and soundness of the Share Insurance Fund.”

NCUA Charters Civic Federal Credit Union