SOURCE: St. Louis Community Credit Union

St. Louis Community Credit Union

November 12, 2009 15:14 ET

Financial Products for Low Income Families Garner Top National Award for St. Louis Not-for-Profit

ST. LOUIS, MO--(Marketwire - November 12, 2009) - St. Louis Community Credit Union has been awarded the prestigious Excellence in Lending Award from the Credit Union National Association (CUNA) for its services to individuals of low to modest financial means.

St. Louis Community has created a host of products to help their customers (known as "members") avoid predatory payday loan and title loan companies and to build or repair their credit scores. It was these products -- including a payday loan alternative, a credit builder loan, a credit check-up service and a second-chance checking account -- that led to St. Louis Community's Excellence in Lending Award.

Products such as the Freedom Loan, a payday loan alternative, save members an average of $402 in finance charges and fees versus a traditional payday loan. As a result, the 1,800 St. Louis-area members who have utilized a Freedom Loan from St. Louis Community have saved a total of $2.9 million since the program's inception in 2007.

"We have always worked hard to simply serve all members of our community with the best financial products available," said Michael O'Brien, senior vice president and chief marketing officer. "Although it's great to receive this recognition, we're fulfilling our mission of offering affordable, quality financial services to consumers who are often turned down by other institutions."

St. Louis Community Credit Union is the only credit union in the nation to receive the Excellence in Lending Award for members of low to modest means. According to the CUNA Lending Council, the award "recognizes credit unions that have implemented outstanding lending programs while demonstrating sound financial performance." The Excellence in Lending honor represents the best practices in lending among nearly 8000 credit unions throughout the country.

Currently St. Louis Community has eight products and services specifically designed to serve individuals with imperfect credit scores and/or past trouble with financial management.

In addition to the Excellence in Lending Award, St. Louis Community Credit Union has recently received a number of other awards and recognition of its financial products, services and education efforts. These awards include the Desjardin Youth Financial Education Award (1st place in Missouri), the St. Louis Public Schools Volunteer Award, and a "Better Together" partnership recognition from the Missouri Mental Health Board.

About St. Louis Community Credit Union

Credit Unions are not-for-profit financial cooperatives, owned by members. St. Louis Community Credit Union has more than $185 million in assets and serves approximately 36,000 members.

It provides a variety of consumer financial services, including checking accounts, ATMs, credit and debit cards, new and used vehicle loans, real estate loans, unsecured lines of credit, savings products, online banking and more. All accounts are federally insured up to $250,000 by the National Credit Union Association. For more information about St. Louis Community Credit Union, please visit www.stlouiscommunity.com.

Contact Information

  • Contact:
    Michael O'Brien
    Chief Marketing Officer
    314-534-7610, ext. 236
    Email Contact