The Evening Will Feature Panel of Industry Leaders Who Will Discuss the Success Story of Second Federal and the Power of Social Impact Investments while Celebrating the Re-Opening of the Flagship Branch.
CHICAGO, IL (November 17, 2016) –The Resurrection Project (TRP) and Self-Help will be celebrating the great transformation and success experienced in rescuing Second Federal Savings in 2012 from FDIC receivership. Today, Second Federal, a division of Self-Help is the largest community development credit union in the state of Illinois with over $200 million in assets.
The celebration will include an expert panel discussion on the Power of Social Impact Investments and the re-opening of its historic branch located in the heart of Little Village. The panelist will highlight the important role of Community Development Financial Institutions Funds (CDFI’s) in the local economy and the role of institutions delivering social impact investments.
The event will take place today, Thursday, November 17, 2016 at 6PM at Second Federal located at 3960 West 26th Street, Chicago, IL 60623.
“Second Federal’s collapse would have put hundreds of area families at a much greater risk of increased foreclosures, crime and destabilization,” said Raul Raymundo, CEO of The Resurrection Project. “The MacArthur Foundation’s $15 million Impact Investment to help rescue Second Federal played a key role in this incredible story of struggle and triumph…one I call a miracle on 26th Street.”
Today Second Federal has over 10,000 members and has generated over $100 million in loan and consumer products including over 700 new mortgages to first-time home-buyers and immigrant working low-income families. Second Federal has also assisted over 90% of the 1100 borrowers it inherited in the rescue to remain in their homes while reducing a 40% delinquency rate to less than 10%. All of this has made a great impact on the lives of the families and the neighborhoods affected by the recent recession.
“We are pleased that our longstanding investment relationship with Self-Help contributed to the success of this remarkable partnership with TRP and Wintrust,” said Julia Stasch, President of the MacArthur Foundation. “Since its transformation into a community development credit union, Second Federal has made an immediate and positive impact on the lives of the families it serves and the neighborhoods where they live.”
One of the people impacted by the Second Federal, Self-Help Credit Union-TRP partnership is Livia Zenteno. Mrs. Zenteno and her husband purchased their first home through TRP’s Home Purchase Program (an initiative that helps families achieve home-ownership through education and counseling) and were able to secure an immigrant-friendly loan through Second Federal with a payment that was within their budget. “If the immigrant loan through Second Federal was not available, we would still be renting,” said Mrs. Zenteno.
“Second Federal has worked very hard to help families overcome their struggles and stabilize their financial situations after the crisis and we look forward to continued success serving the people of Southwest Chicago,” said Self-Help CEO and Founder Martin Eakes.
The evening will also mark the re-opening of the newly remodeled branch in Little Village, the heart of the Mexican-American community. The renovation honors the building’s historic significance and reflects Second Federal’s ongoing commitment to serving the community. Leaders from financial institutions and foundations as well as government officials will be in attendance to witness the important occasion.
The panel discussion will feature the following executives and industry leaders:
Moderator: Raul Raymundo, CEO – The Resurrection Project
Martin Eakes, CEO – Self-Help Federal Credit Union
Dennis Jones CEO, Hinsdale Bank & Trust – Wintrust Financial
Connie Lindsey, EVP, Head of Corporate Social Responsibility and Global Diversity & Inclusion – Northern Trust
Rudy Medina, President – Second Federal, A Division of Self-Help Federal Credit Union
Julia M. Stasch, President – John D. and Catherine T. MacArthur Foundation
The event will take place Thursday, November 17, 2016 at 6PM at Second Federal located at 3960 West 26th Street, Chicago, IL 60623. The celebration will also feature live music, Latin cuisine and the unveiling of a new mural.
About Second Federal, A Division of Self-Help Credit Union
Second Federal is a division of Self-Help Federal Credit Union. Self-Help Federal was chartered in 2008 to build a network of branches that serve working families and underserved communities. With 19 branches* in California, 3 branches in Illinois — known as Second Federal, a Division of Self-Help Federal Credit Union, 2 branches in Florida, approximately $680 million in assets, and serving more than 80,000 members and clients, Self-Help Federal is one of the fastest-growing low-income designated credit unions in the country. It is part of the national Self-Help family of non-profit organizations whose collective mission is to create and protect ownership and economic opportunity for all. For 36 years, the Center for Community Self-Help and its affiliates have provided $7.2 billion in financing to help over 121,000 low-wealth borrowers buy homes, start and build businesses, and strengthen community resources. For more information, go to www.self-helpfcu.org and www.self-help.org.
About The Resurrection Project
The Resurrection Project is a multifaceted organization that seamlessly blends community development, community organizing, human service delivery, and advocacy to build healthier and engaged communities. Since its founding in 1990 with an initial seed capital of $30,000, TRP has leveraged more than $431 million in community reinvestment through homes for ownership, rental housing, small businesses and community facilities. To date TRP has developed 733 units of affordable housing, and created over 264,000 square feet of community commercial space, creating vibrant, healthier and involved communities. For more information about The Resurrection Project, please visit www.resurrectionproject.org.