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CU System
Citadel FCU explains difference on Philly TV
PHILADELPHIA (5/26/09)--Citadel FCU recently explained the difference between credit unions and banks to Philadelphia’s CBS affiliate, KYW, in a news story May 4. KYW noted that credit unions have avoided risky loans and the problems encountered by large U.S. banks such as Bank of America, Citigroup and Wells Fargo. Credit unions like Thorndale, Pa.-based Citadel didn’t take government bailout money, and welcomed new members, KYW reporter Jim Donovan said. “Credit unions in general are viewed as very conservatively managed financial institutions,” Kristianna Del Grande, Citadel public relations specialist, told the news outlet. “While a bank is held accountable to its stock holders to generate a profit to boost its stock value, to boost dividends, a credit union on the other hand is only held accountable to its members, because its members are its owners.” Del Grande noted that 99% of Americans are eligible to join a credit union. Citadel recently expanded its charter to extend membership to residents who live in five other counties. At the end of the newscast, the KYW news team members noted that credit unions didn’t ask for bailout money. “We admire them for that,” they said. To watch the newscast, use the link.
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