ALEXANDRIA, Va.–NCUA has granted a charter to Lutheran FCU, which will be based in St. Louis.
Expected to open in the second quarter of 2015, LFCU is the third new federally chartered credit union in 2014.
The CU will serve employees, active members and volunteers of the Lutheran Church – Missouri Synod and its affiliated districts, member congregations, seminaries and other closely aligned entities. The credit union is the first new federal charter in Missouri since 2005.
“All consumers need access to affordable financial products and services, and Lutheran Federal will help make those available to its members,” NCUA Board Chairman Debbie Matz said. “I want to commend everyone involved for their commitment to establishing this credit union.”
During its first year of operations, the credit union plans to offer mobile banking, a full suite of loan products that includes mortgages and credit cards, along with standard deposit services.
The credit union is being supported by the Lutheran Church Extension Fund, a $1.8 billion entity providing investments and loans to Lutheran Church – Missouri Synod ministries throughout the United States and the world.
NCUA’s Office of Small Credit Union Initiatives, which provided guidance to the charter group throughout the chartering process, will continue to assist the new credit union.
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