WASHINGTON (12/16/09)--A credit union in Arizona is among six new community development financial institutions (CDFI) geared toward serving Native Americans, the Treasury Department’s CDFI Fund announced Tuesday. First American CU (FACU), Casa Grande, Ariz., is chartered by Arizona and is one of the nation’s first Native American credit unions. It was organized to serve tribal members and employees of the Navajo nation. FACU has three branches. Its 18,000 members include members of eight Native American tribes and residents of primarily rural communities near their reservations. FACU has $65 million in assets. FACU offers credit union products and services, and is one of the few lenders who will make loans to Native Americans living on their reservation, the CDFI Fund said. Other newly certified institutions include:
* Karuk Community Loan Fund Inc., Happy Camp, Calif.; * Keweenaw Bay Ojibwa Housing and Community Development Corp., Baraga, Mich.; * Lower Brule Community Development Enterprise LLC, Lower Brule, S.D.; * Native Community Finance, Laguna, N.M.; and * Northern Shores Loan Fund Inc., Harbor Springs, Mich.
The six CDFIs were certified between August through November.