Published: December 3, 2012
On November 28, 2012, Wintrust Financial Corp. agreed to sell Second Federal Savings and Loans’ three branches and deposits to The Resurrection Project (TRP) and Self-Help Federal Credit Union (Self-Help). You can read the Crain’s Chicago Business article here.
TRP and Self-Help formed a unique partnership to acquire the loans, deposits, and branches in order to continue Second Federal Savings’ (SFS) legacy in Brighton Park, Little Village, and Cicero communities. Wintrust and Hinsdale Bank served the responsible role in allowing time for TRP and Self-Help to complete the purchase of the SFS loan portfolio from the FDIC.
TRP and Self-Help are proud to lead SFS into its next chapter as it continues to be a pillar of these important communities. We are grateful to Wintrust CEO Ed Whemer and his team for their continued support of our neighborhoods and the Latino community as a whole. We look forward to working with them as their presence grows in the Chicagoland area.
TRP and Self-Help intend to:
1) Prevent further foreclosures and further deterioration of communities
2) Establish a local community development credit union to provide needed financial services and loans to area residents
3) Drive out predatory lenders from local our communities
We are honored to work with Wintrust, as they have demonstrated that their company is not motivated only by the bottom line, but by genuinely strengthening the communities in which they work. Thank you for your support of TRP’s mission.