a LICU and CDFI working in St. Louis, MO’s struggling metro area
St. Louis, Missouri is a city that was built for a lot more people than it currently holds, at least in its metro area, and has a notorious reputation for its wealth of abandoned buildings. The inner city of St. Louis struggles with high poverty rates, and the local government continues to invest in suburban development rather than rejuvenating old neighborhoods. For this reason and others, providing banking and lending services in St. Louis can present some specific challenges that the average bank just isn’t up to.
Alliance Credit Union started as an employee credit union in 1948 for the local electric company and now serves all of Greater St. Louis. They were specifically chartered with the mission to provide exceptional banking service and products without prioritizing shareholders and profits like a bank would.
Alliance CU is designated as both an LICU and a CDFI, and while they could have more branches in low-income neighborhoods, this indicates they do significant low- and moderate-income lending. They’re a truly local institution, with all of their branches being in or around St. Louis, but they have six total branches in the area and both online and mobile banking for your convenience.
We found this credit union by looking up St. Louis in our search engine, and it was the first CDFI to show up on the list. If you’re looking to support low- and moderate-income lending in St. Louis, Alliance Credit Union is a great better banking option, and you should seriously consider moving your deposits there.