Tri-Valley Service Federal Credit Union in Pittsburgh has switched to a community charter.
The National Credit Union Administration approved the conversion in October. The $18.8 million-asset credit union will now serve those who live, work, study and worship in 16 municipalities.
Expanding its field of membership should allow Tri-Valley, which currently has about 3,800 members, to provide additional products, the institution said.
Tri-Valley previously served about 50 select employer groups, mostly in the Pittsburgh area.
The institution was founded in 1950 and has served the region since then. More than 10% of Pittsburgh residents are without a bank account and another 19% use alternative financial products, such as check-cashing stores and payday loans, Bill Peduto, the city’s mayor, has said, according to a press release from Tri-Valley.
Tri-Valley works to reach and help these consumers, said CEO Carol Mattesi.
“Tri-Valley Service FCU has had great success with low cost personal loans and plans to offer those to the general public,” Mattesi said in the recent press release. “This will help the underserved public refrain from turning to payday loans and check-cashing shops, especially during high spending times like the holidays.”
The credit union earned about $25,500 through Sept. 30, down about 85% from the same period a year earlier, according to call report data from NCUA.
