Community 1st Credit Union receives top certification
Community 1st Credit Union has been certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI).
The credit union is the fifth Iowa financial institution to gain the designation to specialize in serving low-income, underserved individuals and economically distressed areas.
The certification allows C1st access to financial grants from the CDFI Fund, partnership opportunities with banks that are seeking Bank Enterprise Awards, access to New Market Tax Credits and the enhanced ability to raise funds from foundations, corporations and state and local governments. Qualifying financial organizations must have a primary mission of promoting community development, and provide educational services in conjunction with its financing activities.
“We are already putting together our first grant proposal,” said Greg Hanshaw, Community 1st Credit Union president and CEO. “The certification is a key component to put C1st in position to help build the long-term financial capacity of individuals in our communities.”
Since its creation more than 20 years ago, the CDFI Fund has awarded more than $2 billion to CDFIs around the country to help build businesses, create jobs and revitalize neighborhoods.
Community 1st Credit Union is a not-for-profit financial cooperative with more than $570 million in assets. The credit union, which was established in 1936, serves more than 59,000 members.
Community 1st has more than 230 employees and is headquartered in Ottumwa. The credit union has branches in Albia, Amana, Bloomfield, Cedar Rapids, Centerville, Chariton, Fairfield, Grinnell, Indianola, Knoxville, Mt. Pleasant, Oskaloosa, Ottumwa, Pella and Washington.
For more information, call 866-360-5370, or visit www.c1stcu.com.