Dear Friends and Supporters,
We are pleased to report that 2016 was a year of growth and increased impact for the Self-Help family of credit unions, which now serves communities in North Carolina, California, Florida and Chicago. In all our locations, we continue to demonstrate that families of modest means can build wealth when given the opportunity, especially through homeownership. In 2016, we made home loans that helped 964 families become homeowners, an increase of 41% from the previous year. Through loan purchases with lending partners, we helped many more, supporting $136 million in mortgages. Other areas of impact included these:
• 13,000 consumer loans ($77 million)
• 15 solar loans ($49 million)
• $127 million in loans to small businesses and community facilities
• Over 1,000 jobs
• 5,640 child care and classroom spaces
We’re also expanding our impact through mergers. In 2016, Self-Help Federal Credit Union merged with Community Trust Federal Credit Union in Apopka, FL and with Family Federal Credit Union in Wilmington, CA — two credit unions with a history of serving farmworkers and Latino families. Self-Help Credit Union merged with Greater Piedmont Credit Union, which began by serving employees of Durham Regional Hospital in central North Carolina.
This year we’re excited to welcome Seaway Bank and Trust, based in Chicago’s South Side, to the Self-Help family. Look for more information on Seaway in the months ahead.
Even with all our progress, 2016 was a tough year in many ways. In North Carolina, thousands of families and businesses suffered from flooding in the eastern part of the state and wildfires in the west. On the policy level, we continue to stand up against discrimination, fight abusive financial practices and defend the Consumer Financial Protection Bureau.
This report highlights just a few of the ordinary people we met last year who do extraordinary things every day. Our loans support homeowners, teachers, firefighters, child care workers, healthy-food entrepreneurs, small business owners and enterprises that help revitalize neighborhoods. We're dedicating this report to these borrowers and to all of our members and partners in the communities we serve.
Sincerely,
• 13,000 consumer loans ($77 million)
• 15 solar loans ($49 million)
• $127 million in loans to small businesses and community facilities
• Over 1,000 jobs
• 5,640 child care and classroom spaces
We’re also expanding our impact through mergers. In 2016, Self-Help Federal Credit Union merged with Community Trust Federal Credit Union in Apopka, FL and with Family Federal Credit Union in Wilmington, CA — two credit unions with a history of serving farmworkers and Latino families. Self-Help Credit Union merged with Greater Piedmont Credit Union, which began by serving employees of Durham Regional Hospital in central North Carolina.
This year we’re excited to welcome Seaway Bank and Trust, based in Chicago’s South Side, to the Self-Help family. Look for more information on Seaway in the months ahead.
Even with all our progress, 2016 was a tough year in many ways. In North Carolina, thousands of families and businesses suffered from flooding in the eastern part of the state and wildfires in the west. On the policy level, we continue to stand up against discrimination, fight abusive financial practices and defend the Consumer Financial Protection Bureau.
This report highlights just a few of the ordinary people we met last year who do extraordinary things every day. Our loans support homeowners, teachers, firefighters, child care workers, healthy-food entrepreneurs, small business owners and enterprises that help revitalize neighborhoods. We're dedicating this report to these borrowers and to all of our members and partners in the communities we serve.
Sincerely,
Martin Eakes
Chief Executive Officer
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Chief Executive Officer