(July 11, 2006 – New York, NY) The National Federation of Community Development Credit Unions recently received a $500,000 investment in its Capitalization Program from Trinity Health, the fourth largest Catholic health system in the United States.
Based in Novi, Michigan, Trinity Health encompasses 45 hospitals and 384 outpatient facilities in seven states. Reflecting its core values of respect, social justice, compassion, care of the poor and underserved, and excellence, Trinity Health has chosen the Federation to manage deposits on its behalf in community development credit unions (CDCUs) in the seven states in which the health group operates.
Over the course of nearly 25 years, many religious organizations, family trusts, foundations, banks, and other institutions have invested in local CDCUs through the Federation’s Capitalization Program. The Ford Foundation, John D. and Catherine T. MacArthur Foundation, Mennonite Mutual Aid, Bank of America, JPMorgan Chase, and the federal CDFI Fund are just a few Capitalization Program investors.
Today, the Federation manages more than $28 million, with investments outstanding in 120 different CDCUs, virtually becoming a "one-stop" shop for credit unions seeking funds to expand their activities.
The Capitalization Program provides insured deposits, subordinated debt (secondary capital), risk-sharing deposits to encourage the establishment of anti-predatory lending programs, and grants.
In the last two years, the Federation’s Capitalization Program has received $8 million in new investments from 18 different investors. Interested investors should contact Alice Greenwald, Director of the Capitalization Program at: firstname.lastname@example.org, or by telephone at (212) 809-1850, ext. 212. The Federation is a charitable organization 501(c)3 and investments are tax deductible to the full extent of the law.