Strategic Partnerships that Pay Community Dividends

June 7, 2013

Presented byPaul Woodruff

St. Louis Community Credit Union

• Community Development Financial Institution (CDFI)– Designated by United States Treasury Department

• Low-Income Designated (LID) Credit Union– Designated by National Credit Union Administration

• Community Development Credit Union (CDCU)

St. Louis Community Credit Union• 51,000 members• $240 million in assets• 11 St. Louis area locations

– 6 in St. Louis County– 5 in St. Louis City

• Higher than average risk tolerance• Specialized to serve Low- and Moderate-Income

(LMI) populations

Strategic Partnerships

• St. Louis Community CU Foundation and CU Excel Center

• YWCA Small Dollar IDA Program• Micro-Branches• CRA Bank Partnerships

St. Louis Community CU Foundation• The Foundation

– Established in 2010 and 501c(3) designated– The Foundation exists to strengthen the St. Louis region

through economic empowerment by providing financial literacy education, resources, and support to low-to-moderate income residents in an effort to improve their standard of living and better their lifestyle.

CU Excel Center• The Center

– Launched in June 2012 to serve as a ‘destination point’ for consumer financial and life skills education

– Free group and one-on-one seminars are offered during the day, evening, and weekend to meet the education needs of SLCCU members and the broader community

– Volunteer instructors and SLCCU’s Financial Literacy Specialist teach all classes

• Program goal is to assist low-income women in overcoming barriers to permanent housing– i.e. Utility debt, outstanding rent payments, collection items, etc.

• YWCA leveraged a $7,500 grant from the United Way to provide a 1-to-2 savings match up to $500 per participant

• SLCCU created a non-custodial IDA account for clients, provides free money orders to pay off debts, and teaches free financial education classes

• Outcome: $1,400 saved and $1,800 in debt paid off

YWCA Small Dollar IDA Program

Micro-Branches• Three micro-branches have been launched since 2011

– MET Center– Grace Hill Settlement House– Kingdom House

• Range in size from 300sq feet to 800sq feet• SLCCU staff members are integrated into daily activities

and services offered at each facility• Member activity – lower balances, bill pay services, and

regularly scheduled financial education classes

Micro-Branches

Activity levels for branches from opening to April 2013

New Accts Total Loan Dollars Loans Booked Transactions

MET CenterEst. June 2011 1,126 $803,126.06 236 28,765

Grace HillEst. October 2011 933 $743,441.10 315 41,936

Kingdom HouseEst. December 2012 88 $82,131.00 39 2,607

2,147 $1,628,698.16 590 73,308

Micro-Branches

CRA Bank Partnerships• SLCCU and its Foundation work with banks to

provide free and affordable financial services• Current partnerships sponsor:

– Kingdom House micro-branch operations– $500,000 Alternative payday loan fund– $300,000 commitment for operations at new branch– Marketing – ‘The Community’ radio show– CU Excel Center®– Financial education instructors– College scholarship program

CRA Bank Partnerships

St. Louis Community Credit Union is more than a financial institution

For more information, please contact:

Paul Woodruff Community Development Manager

paul.woodruff@stlouiscommunity.com