Organizers of what will be Minnesota’s first Black-Led Community Credit Union conducted their “official” organizers meeting
On Oct. 27, The Association for Black Economic Power (ABEP), along with the Minnesota Credit Union Network (MnCUN) hosted the official Arise Community Credit Union Organization Meeting.
The seven community organizers of Arise met to elect the membership; elect the credit union’s board, supervisory and credit committees; and approve the credit union’s by-laws. Afterward, the credit union’s board of directors proceeded with its first official meeting to chart the future of the organization.
With completion of these final steps, the Association for Black Economic Power finalized the credit union’s charter and insurance applications and submitted them to the Minnesota Department of Commerce and the National Credit Union Administration on Oct. 31.
To support ABEP in this effort, last year the Minnesota Credit Union Foundation set out to raise $1 million in capital from support of the credit union community. The Foundation is pleased to announce the goal was reached this past month, with $1,083,600 in capital contributions raised.
Additionally, Arise Community Credit Union has secured more than $6,000,000 in individual and institutional deposit pledges.
“ABEP and the new Arise Community Credit Union leadership are extremely proud and humbled to be a part of this momentous occasion,” said Debra Hurston, Executive Director of ABEP. “We are witnessing history, and are extremely grateful for the support and dedication
of so many who worked to reach this milestone.”
The initiative will now move onto its next phase – strategically planning and beginning to implement critical items from the proposed credit union’s business plan while awaiting responses from regulators on the charter application.