ST. PAUL, Minn.–The Minnesota Credit Union Foundation is reporting $1,038,377 in capital contributions has been transferred from the foundation to the newly chartered Arise Community Credit Union.
The credit union was granted its charter of March of this year, the first state-chartered CU in Minnesota in 23 years.
The MnCU Foundation said it established a special fund in 2021 to receive donations from credit unions and other supporters.
Below, Arise Community Credit Union President & CEO Dan Johnson at the NCUA DEI Summit in Minneapolis.
“Arise Community Credit Union was established to address the harmful effects of systemic exclusion, extraction, and disinvestment in North Minneapolis and other neighborhoods in Hennepin and Ramsey counties, helping free members from high-cost debt, help them gain control over personal finances, and achieve economic well-being,” the foundation said.
How Capital Will be Used
According to the foundation, Arise Community Credit Union is using the capital contributions to secure key vendors, onboard their core provider, and supply their office in preparation of a February 2025 grand opening, timed intentionally with Black History Month.
“It blows me away the generosity of the credit union community. Words cannot express our gratitude enough,” Dan Johnson, CEO of Arise Community Credit Union, said in a statement. “This is a pivotal moment for Arise, our future members, and our community.”
‘Enduring Relevance’
Added Mara Humphrey, president of the Minnesota Credit Union Network and the Minnesota Credit Union Foundation, in a statement, “Arise Community Credit Union is a testament to the enduring relevance of the credit union advantage and the cooperative model. The credit union system support reflects the collaborative and cooperative nature of our movement. We are excited for Arise to be able to provide the credit union advantage with their community.”