MINNEAPOLIS–(BUSINESS WIRE)–The Association for Black Economic Power (ABEP) has announced a name change for the first black-run community credit union in Minnesota: Arise Community Credit Union. Once state and federal regulators approve its application and charter, the new credit union will be headquartered in North Minneapolis and serve the community and all of Hennepin and Ramsey counties.
The previous name of the credit union was Village Financial Credit Union. ABEP’s legal counsel urged the board to consider a name change to avoid confusion with several other financial institutions currently using the word ‘village’ in their title. The ABEP Board solicited, reviewed and reviewed over a dozen potential alternatives before offering the stakeholder community the opportunity to vote on the most popular options. Nearly 90% of online voters opted for Arise Community Credit Union.
The name change represents another major step forward in realizing the black-led credit union, which was born ideologically during the racial unrest following the murder of George Floyd. Once approved, Arise Community Credit Union will be the first new state and federally chartered credit union to open in the state of Minnesota in nearly a decade.
“Next steps include bringing together the credit union’s board and key committees, as well as finalizing the charter application documents before submitting them for operational approval this fall,” said Debra. Hurston, Executive Director of ABEP.
The Minnesota Department of Commerce requires that all state-chartered credit unions be insured by the National Credit Union Association. Thus, all deposits at Arise Community Credit Union will be insured up to $250,000. People are encouraged to visit our website to learn more about Arise Community Credit Union.
ABEP’S MISSION: Eliminate the pernicious effects of the persistent low economic status of African Americans by (a) promoting the creation of prevention and response mechanisms to address systemic wealth extraction and economic disparity; (b) promote the development of products and services to enable the creation of wealth; and (c) promote and provide economic alternatives to traditional practices, policies and behaviors that sustain economic inequalities.