Lutheran Federal Credit Union became the third new federally chartered credit union of 2014, according to the NCUA.
The NCUA's Office of Consumer Protection granted the charter to Lutheran Federal Credit Union to serve employees, active members and volunteers of the Lutheran Church – Missouri Synod and its affiliated districts, member congregations, seminaries and other closely aligned entities. The credit union is the first new federal charter in Missouri since 2005.
"All consumers need access to affordable financial products and services, and Lutheran Federal will help make those available to its members," NCUA Board Chairman Debbie Matz said. "I want to commend everyone involved for their commitment to establishing this credit union."
The credit union's headquarters will be located in St. Louis and it expects to open in the second quarter of 2015. During its first year of operations, the credit union plans to offer a wide range of products and services, including share drafts, credit cards, mortgage loans and mobile banking.
The credit union is being supported by the Lutheran Church Extension Fund, a $1.8 billion entity providing investments and loans to Lutheran Church – Missouri Synod ministries throughout the United States and the world, the NCUA said in a release. Established in 1978, the Lutheran Church Extension Fund has extensive experience in commercial, mortgage, and unsecured lending.
The Lutheran Church – Missouri Synod was established in the United States in 1847. It consists of more than 6,000 congregations that operate approximately 850 elementary schools. It also operates two seminaries and is active in world missions in 90 countries.
The NCUA's Office of Small Credit Union Initiatives, which provided guidance to the charter group throughout the chartering process, will continue to assist the new credit union, the regulator said.
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