Kitsap Credit Union in Bremerton, Washington, has been certified as a community development financial institution.
The $2 billion-asset credit union obtained its designation on Jan. 14, concluding the application process it began in April of last year. The provision of developmental services, accountability to a primary target market and a core mission to promote development within communities are all requirements that an institution must meet before becoming eligible for certification as a CDFI.
“We are very excited about the value the CDFI designation will bring to our communities,” Shawn Gilfedder, chief executive of Kitsap, said in a press release Monday. “As a CDFI credit union we will be able to expand the population we serve and magnify what we will be able to offer them, bringing them closer to fulfilling their dreams.”
In seeking the CDFI status, Kitsap enlisted CU Strategic Planning, a Tacoma, Washington-based advisory firm. CU Strategic Planning also assisted
Kitsap plans to leverage its CDFI certification to assist the underserved populations in its communities including Native Americans, the elderly and low-income households.
“It is important that our members know their money is with an organization that focuses on improving all lives in our community … our goals through our CDFI efforts are to help financially educate our community and in turn promote a healthier local economy,” Gilfedder said in the release.
