Million Dollar Investment Takes Foundation Fund over $150 Million

WASHINGTON – A million dollar investment from the $1.3 billion Bethpage Federal Credit Union based in New York has hiked the National Credit Union Foundation’s Community Investment Fund (CIF) to over $150 million, according to the Foundation. “This investment is just part of being a good credit union citizen,” said Kirk Kordeleski, President and CEO of Bethpage FCU. “It’s also a way to send a message to our fellow New York credit unions that CIF is worthy of their support.” Credit unions invest in the CIF by choosing a 90-day, 3-year, or 5-year cash account. The interest income generated, after the investor receives its fixed rate percentage, is split evenly between the National Credit Union Foundation and the state leagues. “We’re extremely pleased that Bethpage has come on board with CIF, joining the 45 smaller credit unions already invested in New York. The addition of $1 million to the Fund will definitely contribute to the New York Credit Union Foundation’s ability to support development initiatives, as well as to our efforts at the national level. We’re very grateful,” said Gary Officer, Executive Director, NCUF. The Community Investment Fund got its most recent boost with over $100 million in pledged donations in honor of retiring credit union leader Ed Callahan, CEO of San Francisco based Patelco Credit Union.