WARRENVILLE, Ill., and EAST HANOVER, N.J. (4/3/12)--Novartis FCU, East Hanover, N.J., has deposited $325,000 in the new Community Investment Fund (CIF) option offered by Alloya Corporate FCU, Warrenville, Ill.
The CIF deposit made by the $125 million asset credit union will support national and state services that include financial education, professional development, community outreach and emergency assistance.
The CIF option was created through a partnership among Alloya, the National Credit Union Foundation and participating state foundations, including the New Jersey Credit Union Foundation.
Credit unions must be a capitalized member of Alloya to use the CIF option, which has a $1,000 minimum investment. Eligible credit unions can choose their investment amount, term and preferred earnings distribution ratio.