PEMBROKE PINES, Fla., May 1, 2019 /PRNewswire/ -- Power Financial Credit Union (PFCU) has solidified its commitment to affordable housing by becoming the first and only credit union in the country to invest in the Community Development Fund (ticker CDCDX), announced CEO Allan Prindle. According to Prindle, although credit unions are not covered by the Community Reinvestment Act (CRA) a law which banks are required to adhere, this initiative represents its support of a growing economic crisis in South Florida.
"Power Financial Credit Union is committed to affordable housing through our mission to give back to the communities we serve," he said. "This is an opportunity to truly help support a critical local community development initiative."
The Community Development Fund is a market-rate bond fund that invests in high-credit-quality, fixed-income securities whose proceeds are designed to positively impact community development throughout the U.S.
"This is a progressive move for Power Financial Credit Union," said Kenneth H. Thomas, president of the Community Development Fund Advisors and leading expert on the CRA. Thomas refers to South Florida as "ground zero" for affordable housing and credits Prindle for the credit union's investment to help tackle the issue.
As an institution investing in the fund, PFCU is responsible for designating its targeted Assessment Area(s). CRA qualified-community development investments are then purchased and earmarked in those targeted areas, dollar for dollar, to the investing institution. To date, the Community Development Fund has successfully garnered over $50 million in support of single-family and multifamily affordable housing.
About Power Financial Credit Union
Power Financial Credit Union is a community-based, member-owned financial institution that has been providing high-quality, family-based financial services to the South Florida community for more than 65 years. We Hear You. Respect You. And Treat You Like Family. Power Financial Credit Union, which has been awarded a 5-Star Rating from BauerFinancial, Inc., the nation's top bank rating service, was named "2018 Nonprofit/Institutional Business Award" by South Florida Business Journal, "Top Workplace" by South Florida's Sun Sentinel newspaper in 2017 and 2016, and, for a fifth consecutive year in 2018, one of Credit Union Journal's "Best Credit Unions to Work For." Power Financial Credit Union also was recognized in 2016 for its Leadership and Service by South Florida Business Journal and ranked as Florida's Top Performing Credit Union by S&P Global Market Intelligence.
Power Financial Credit Union serves more than 32,000 members with combined total assets approaching $650 million and six branches and eight ATMs throughout South Florida, along with an ATM in Alpharetta, GA. The institution offers all the advanced products, services and tools of large banks, but with a unique, personalized, family friendly, community-centered focus. It also provides extensive electronic services to members, with 90% of all transactions conducted outside its branches. Additional information is available at www.powerfi.org or by calling 800.548.5465.
SOURCE Power Financial Credit Union