Good for them
December 16, 2008 | Michigan, alternatives, industry | Comments (0)A credit union opens in a rough neighborhood of Detroit and the risk pays off:
Eight months after opening its first branch office in the home of the groundbreaking Model T plant, the Communicating Arts Credit Union is proving that businesses can thrive in one of the nation’s most economically depressed cities.
Since entering Highland Park in April and broadening its membership criteria, the 73-year-old credit union, which caters to low- and moderate-income individuals, has gained about 800 members at its new location.
That’s up from the 691 new members it attracted during all of last year.
The branch — at the Shops at Woodward Place, across from the dilapidated Model T plant — has garnered $400,000 in new deposits and made about $619,000 in loans, exceeding the credit union’s expectations.
Comments»
No comments yet.