Contacts:
David Beck, Self-Help, 919-956-4495, david.beck@self-help.org
Nandika Madgavkar, MetLife, nmadgavkar@metlife.com
Durham, N.C. – Governor Pat McCrory today joined MetLife Inc. and MetLife Foundation executives to celebrate the grand opening of Self-Help’s first full-service credit union branch in Durham, North Carolina.
“We are honored to host Governor McCrory and particularly grateful to MetLife and MetLife Foundation for their generous support,” said Self-Help co-founder and CEO Martin Eakes. “While Durham is Self-Help’s hometown, it has taken us 30 years to open a full-service branch here. Support from MetLife Foundation has made it happen. Additionally, the capital investment from MetLife provides us critical financial strength to consider future expansion of our credit union network and serve more communities nationwide.”
MetLife’s $5 million long-term, low-interest loan will enable Self-Help to make a secondary capital investment in its credit unions. This secondary capital is considered net worth. Every dollar of additional net worth can leverage an additional $8 to $10 of federally-insured deposits, increasing the scale and impact of Self-Help credit unions, which provide loans and other financial products to low- and moderate-income families and communities. Currently, Self-Help’s combined credit unions have 43 branches in North Carolina, California and, Chicago.
MetLife Foundation’s $800,000 grant helped support the new full-service branch in Durham, which opened for business in April, and in the development of new products that will allow Self-Help to fill gaps in the financial marketplace and help working families climb the economic ladder. In North Carolina, products like ‘WealthBuilder,’ an innovative loan/savings offering, will enable borrowers to refinance existing high-cost loans at a lower rate while setting aside savings from the refinancing as a financial reserve. With MetLife Foundation’s support, Self-Help is expanding access to the program across the state and providing a $100 savings incentive that goes directly to the customer, which in turn builds their financial reserves.
“We are proud to partner with Self-Help to provide more people direct access to affordable financial services. MetLife and Self-Help at their core seek to help families secure their financial future, and this partnership will help do just that,” said Marty Lippert, executive vice president of Global Technology & Operations at MetLife.
Founded in 1980, Self-Help’s credit union activity historically focused on raising deposits to support its home and business lending to those outside the financial mainstream. Since 2004, nine traditional North Carolina credit unions have merged with Self Help underlying a growing need for affordable, basic financial services in underserved communities. This growth led to deeper consideration of a Triangle branch, and MetLife Foundation’s support helped make the branch a reality.
MetLife and MetLife Foundation are committed to driving positive change and long-term stability for individuals and families around the world. To learn more about MetLife Foundation and MetLife’s impact investments visit www.metlifeglobalimpact.com
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About Self-Help Credit Union
Self-Help is a nonprofit community development lender headquartered in Durham, NC. Founded in 1980, Self-Help has provided over $6.4 billion in financing to nearly 87,000 families, individuals and businesses underserved by traditional financial institutions. It helps drive economic development and strengthen communities by financing hundreds of homebuyers each year, as well as nonprofits, child care centers, community health facilities, public charter schools, and residential and commercial real estate projects. Through its credit union network, Self-Help serves over 100,000 families in North Carolina, California and Chicago and offers a full range of financial products and services. Learn more at www.self-help.org.
About MetLife Foundation
MetLife Foundation was created in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. Since its founding through the end of 2013, MetLife Foundation has provided more than $600 million in grants and $70 million in program-related investments to organizations addressing issues that have a positive impact in their communities. Today, the Foundation is dedicated to advancing financial inclusion, committing $200 million over the next five years to help build a secure future for individuals and communities around the world. To learn more about MetLife Foundation, visit www.metlife.org.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.