First Financial Credit Union

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					Cooperativa Latina,
Nuestra Cooperativa




Latino Community Credit Union
   Honoring our Heritage:
Immigrants and Credit Unions




    4th Latino Credit Union Conference
                June 7, 2006
              Luis Pastor, CEO
         What is LCCU?
• Origin: First financial institution in NC focused
  on serving the Latino immigrant community.
• Mission: To provide access to high quality,
  affordable financial services and education to
  integrate members into the U.S. financial system
• Staff: 100% bilingual and
  bicultural staff from Latin
  America, U.S. and Spain
• Members: from
  all five continents
                 Latino Community Credit Union
             The Facts…

          Latino Community Credit Union




 45,000    $34 million      5 branches                 75%         95%
Members     in assets        In 3 years              unbanked   low-income




                     Latino Community Credit Union
   Our model

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              Latino Community Credit Union
          Why a Latino CU?
• Lack of access to financial institutions
• Focus on immigrants
• Great credit union
  leadership in NC
• NC has fastest
  growing Latino
  population


                 Latino Community Credit Union
          Our members
• Low level of
  education: 7th grade
• Distrust financial
  institutions
• Not only language
  barrier, but cultural
• Unnecessary
  documentation in
  some cases


                  Latino Community Credit Union
            Our needs
•   Long term relationship
•   All financial needs, not just basic products
•   Transition to financial maturity
•   Very low delinquency: 2% consumer, 0% mortgages
•   Financial education
•   Loyalty




                   Latino Community Credit Union
         Where to start
• Change in cultural organization, from
  Board of Directors to tellers
• Fulfill all financial needs, both present and
  future of your members
• There are resources in the Credit Union
  movement
• Each CU can find different partners to
  meet the needs of it’s members

                Latino Community Credit Union
Cooperativa Latina,
Nuestra Cooperativa




Latino Community Credit Union

				
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