CLEVELAND, Tenn. — The Bradley Initiative Credit Union, Tennessee’s only state-chartered credit union to serve a low-income community, is observing its fifth anniversary.
Credit union members and their board of directors marked the milestone at their annual meeting last week and began planning for a series of summer events. At the same meeting, the state financial examiner told members that the credit union is doing better than the national average.
“We are ahead of where we thought we would be five years ago,” said Brenda Hughes, executive director of Bradley Initiative for Church and Community. “We knew it would be a challenge, but we wanted to meet a need that other groups could not do. We didn’t want to be just another credit union.”
Board Chairman Ed McEntire said the credit union was started to benefit “some segments of the population that weren’t that comfortable dealing with financial institutions.”
The credit union began as a BICC project but has moved on to become its own entity now, Director Denis Collins said.
Check Into Cash and Community Financial Services Association of America made a $2,500 grant to the credit union for financial literacy classes, said Check Into Cash accountant Brian Turner, a member of the credit union board.
Mr. Collins said Check Into Cash was one of the community organizations that invested seed money in the credit union five years ago. Local commercial banks, other credit unions, churches, businesses and individuals also support the credit union through nonmember deposits, he said.
Those deposits are kept three to five years, and the interest they earn helps cover operating expenses.
Mr. Collins also directed Chattanooga’s Bethlehem Center credit union, which was similar to the local one but since has merged with another credit union, he said.
Margaret Gilbert directs the credit union’s financial literacy effort. She said the institution has reached out to the community, including Spanish speakers. Financial literacy classes are free to the community, she said.
“It’s a lifestyle change for most families and that is needed for many in this state,” Ms. Gilbert said.
The course comprises one-hour classes weekly for 12 weeks and is held three times a year. Anyone can enroll by contacting her through BICC, she said.
CREDIT UNION CELEBRATION.
* May 9: Open house/customer appreciation day
* May 10: Mascot Brad the Beaver available for photos with kids at Bradley Square Mall.
* May 17: Community Fun Day with food, games, prizes and air rides for kids.
Source: Bradley Initiative Credit Union
Randall Higgins covers news in Cleveland, Tenn., for the Times Free Press. He started work with the Chattanooga Times in 1977 and joined the staff of the Chattanooga Times Free Press when the Free Press and Times merged in 1999. Randall has covered Southeast Tennessee, Northwest Georgia and Alabama. He now covers Cleveland and Bradley County and the neighboring region. Randall is a Cleveland native. He has bachelor’s degree from Tennessee Technological University. His awards ...
