On November 17th of this year, Self-Help Federal Credit Union (SHFCU) in partnership with The Resurrection Project (TRP) celebrated a story of determination, pride and triumph marked by the rescue of Second Federal Savings and its significant transformation into the largest Community Development Credit Union in Illinois.
The event, which took place at the Little Village Second Federal Savings location, included an expert panel discussion on the power of Social Impact Investments and a colorful celebration of the re-opening of its historic branch in the heart of the Mexican-American community.
Over 150 guests enjoyed a lively and festive celebration that included traditional and folkloric dances, Mariachi music, delicious Latin cuisine, the unveiling of a new mural, and a ribbon cutting ceremony to honor the re-opening of Second Federal Savings’ flagship branch.
The event, organized by Self-Help in partnership with TRP, featured an expert panel discussion moderated by TRP CEO, Raul Raymundo, which delved on the significance and power of Social Impact Investment ventures.
The panel allowed leaders from various financial institutions and foundations such as the John D. and Catherine T. MacArthur Foundation, Northern Trust, Hinsdale Bank & Trust-Wintrust Financial, and Self-Help Federal Credit Union to talk about Second Federal’s history, the important role of Community Development Financial Institutions Funds (CDFI’s) in the local economy, and the work ahead to continue supporting the communities that we serve.
“Second Federal’s collapse would have been devastating for the living conditions of hundreds of families in the area,” said Raul Raymundo, CEO of The Resurrection Project. “The MacArthur Foundation’s $15 million Impact Investment was crucial in helping rescue Second Federal and contributing to this amazing success story that we proudly share today.”
As part of the evening’s highlights, attendees heard testimonials from actual borrowers that were supported by the bank. Guests also learned that Second Federal currently has over 10,000 members and has generated over $100 million in loans, including more than 700 new mortgages to first-time homebuyers and immigrant working low-income families.
“All of Second Federal’s hard work and efforts have made an enormous impact on the lives of the families and neighborhoods affected by the recession,” said Self-Help CEO and Founder Martin Eakes. “We look forward to continued success serving the people of Southwest Chicago and see a bright future ahead for all of us.”
The delightful evening also included a proclamation welcoming SHFCU and Second Federal into the Juntos Avanzamos network, a designation for credit unions committed to serving and empowering Hispanic consumers.
We thank all our friends, key partners, foundation and financial leaders, elected officials and community residents that were able to join us on this wonderful night!