Valley First and Oak Valley Community Bank partner for community investment
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MODESTO, Calif., Nov. 14, 2022 (GLOBE NEWSWIRE) — Valley First Credit Union recently accepted its first mission-based deposit from Oak Valley Community Bank in support of community development financial institution (CDFI) initiatives in the Credit Union. Social investing typically opens the door for organizations, like Valley First, to pursue community-focused programs and offerings and help people gain better access to financial services.
“We are grateful to Oak Valley Community Bank for taking a leadership role in our community to support the lending activity we run for low-income families throughout the Central Valley,” said Kathryn Davis, President and CEO of Valley First. “We are deeply committed to providing access to fair and affordable housing credit, reliable transportation, small loan amounts, and supporting our local small businesses. Oak Valley’s support will allow us to continue making these loans.
Oak Valley made a deposit of $5 million, structured as a certificate of stock over the next five years. This filing not only adds to Valley First’s capital, but more importantly, it allows Credit Union to continue and strengthen its work in products and services that benefit the communities it serves and increase access to those options that are not traditionally available to underserved communities. Valley First’s other goals with its CDFI designation are to improve the financial health of the community. Last year, the credit union provided more than 4,000 families with free education and financial resources.
“When we completed our CDFI app in 2019, we were reaching 60% of the underserved population in our region,” Davis said. “Today we have already reached 63%, and it will only continue. There is a great need to provide these services as CDFIs.”
“We are thrilled to make this investment in our community through the placement of this certificate at Valley First. There is considerable overlap in our respective footprints, and we very much appreciate the work they are doing in these communities,” said Chris. , CEO of Oak Valley. Courtney. “While we specialize in offering different types of deposit and loan solutions, our values are closely aligned with our commitment to strengthening our communities by improving the financial health of Central Valley families and businesses.”
Contact information: Amy EaganDirector of Marketing [email protected] 2095498500
Image 1: Mission-based repository Left to right Janis Powers, Oak Valley EVP Risk Management; Jose Sabala, Vice President of Oak Valley ARC; Kathryn Davis, President and CEO of Valley First; Rick McCarty, President and COO of Oak Valley; and Chris Courtney, CEO of Oak Valley.
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Source: Valley First Credit Union