Second Federal Credit Union opened its doors in Chicago Sept. 21, assuming the footprint of a 130-year old failed thrift.
When the Great Recession carried away the Second Federal Savings and Loan in 2010, community leaders recognized the potential financial catastrophe for Chicago's low income and underserved consumers on the city's Southwest side.
"Even though it was a saving and loan, Second Federal had really acted like a community development credit union, like a CDCU," said Randy Chambers, chief financial officer at the 40,000 member, $586 million Self-Help Credit Union. Second Federal will operate as a subsidiary of the Durham, N.C.-headquartered Self-Help.
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