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For nearly nine decades, the Bremerton, Wash.-based Kitsap Credit Union has grown to serve more than 123,000 members across the Puget Sound, west of Seattle. In late January, the $2 billion credit union announced it had officially received the designation as a Community Development Financial Institution (CDFI) to expand its financial services to members who need it most.
As a CDFI, the credit union will gain access to Federal funding from the U.S. Department of Treasury to better serve community members in economic need.
"We are very excited about the value the CDFI designation will bring to our communities," Kitsap CEO Shawn Gilfedder said. "As a CDFI credit union we will be able to expand the population we serve and magnify what we will be able to offer them, bringing them closer to fulfilling their dreams."
According to the announcement, Kitsap will begin to offer low-cost mortgages for first-time home buyers, strategic loans intended to help members build credit and loans for small businesses in the community.
"It is important that our members know their money is with an organization that focuses on improving all lives in our community," Gilfedder said.
Kitsap officials said the credit union has already started developing plans to allocate the CDFI grants to "focus on serving the underserved populations in their communities including Native Americans, the elderly and low-income households."
"Our goals through our CDFI efforts are to help financially educate our community and in turn promote a healthier local economy," Gilfedder said.
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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.
