A credit union formed by immigrants, for immigrants in Lynn, Massachusetts.
As we said in our most recent bank feature, Boston is a city with a multitude of better banking options. This is an asset in a city whose greater area is made up of many smaller towns and neighborhoods which each have their own lending needs. Lynn, MA, is one of those communities within Boston which has their own special banking needs, and Community Credit Union was created in 1955 with these needs in mind. They’ve been serving their diverse community with fair and personal service since their formation.
Community Credit Union was started by a group of Greek-American business leaders in Lynn, whose goal was to “give everyday people and immigrants a safe place to keep their money and offer low fees, personalized service, and the financial tools to put their financial goals within reach.” Lynn has always been a highly diverse community, with immigrant populations growing throughout the 20th century, mostly Russian and Polish Jews at first, but then accumulating significant communities of Greek, Latinos and Cambodians. In the past decade or so, the city has also become a hub for LGBTQ individuals. Because of the great diversity in their community, Community Credit Union has always emphasized personal service for all their customers, as well as fair lending practices to get capital to the individuals and neighborhoods that need it most. Additionally, they’ve stayed involved in local non-profits, businesses, and community development coalitions and organizations.
Unfortunately, we are currently unable to get statistics regarding the housing lending practices of credit unions, so there is no way for us to know whether Community Credit Union is doing significant lending to housing in low-and-moderate-income neighborhoods. However, they’ve shown their commitment to their community through their high rate of small business lending, making up nearly 20% of their lending assets, which is very high for a credit union. They have locations in Lynn, Peabody and Somerville, MA, and offer online banking resources for their members. However, to be eligible to bank at Community Credit Union, you must live or work within a 25-mile radius of Lynn. If you are living in the greater Boston area, and you’re looking to invest in a bank that serves immigrant communities, this is a fantastic choice.
Learn more about Community Credit Union at their website here.