Jefferson Financial is the largest state-chartered credit union in Louisiana, with $140 million in assets and 18,000 members. But with membership restricted to the school system, growth at the credit union had reached a plateau, and, before the new designation, it looked like its only option for expansion was to convert to a federal charter, which follows different field of membership guidelines than the state.

"It was a difficult position," said Rosa. "Our members are very loyal--and we all wanted to stay true to our roots. We have a long history with the state of Louisiana, but we couldn't grow anymore without making a change."

He said the Louisiana Office of Financial Institutions fortunately didn't want to see the credit union change charters either and, in August 2007, the state's OFI established new regulations for state-chartered credit unions, allowing for residential group common bond membership.

Now, with membership open to all residents of Jefferson Parish, there's a great deal of excitement at the credit union, said Jodi Boudreaux, vice president of operations at Jefferson Financial.

"I remember the days when we were located on top of a florist, working from ledger cards and filing paper statements. How the times have changed," said Boudreaux who has been with the credit union 25 years. "But this credit union is a huge part of my life--and it's exciting to see our growth and progress. We aren't losing our connection to the school system and primary members, we are simply moving in a new direction that will open more doors to the community. It's an exciting time."

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