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The NCUA granted its first credit union charter of 2020 for Growing Oaks Federal Credit Union.
According to the NCUA's announcement on Tuesday, the Growing Oaks charter became effective Aug. 7 and operations are expected to begin in December. The credit union will service those who live, work, worship or attend school in Canadian, Cleveland, McClain and Oklahoma counties. According to U.S. census data, more than 1.2 million people live in those areas.
The credit union, located 30 miles south of Oklahoma City in the small town of Goldsby, Okla., stated on its website that it intends to "be a federal credit union that distinctly returns to the cornerstone purpose for which credit unions were created, to assist the unserved and underserved. This credit union would not necessarily compete with mainstream financial institutions, but rather fill the gap between mainstream financial institutions and other financing facilities."
During its first year of operations, the credit union will focus on consumer signature and used automobile loans. The announcement stated that the credit union will also offer the following: Regular shares, share certificates, retirement accounts, wire transfer services and electronic transaction services.
It's expected that Growing Oaks will offer home loans by the third year of operations.
NCUA Chairman Rodney Hood said, "It is always inspiring to see people in a community come together to create affordable financial opportunities for their neighbors and their local economy." Hood added, "I congratulate the organizers whose vision and hard work made Growing Oaks a reality. I share their values of encouraging community participation, promoting financial inclusion, and helping people build greater financial security for themselves and their families."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
