{"id":3847,"date":"2013-09-23T15:40:41","date_gmt":"2013-09-23T20:40:41","guid":{"rendered":"https:\/\/resurrectionproject.org\/?p=3847"},"modified":"2020-01-07T08:56:59","modified_gmt":"2020-01-07T08:56:59","slug":"governor-quinn-attorney-general-madigan-others-help-trp-celebrate-grand-re-opening-second-federal-credit-union","status":"publish","type":"post","link":"https:\/\/resurrectionproject.org\/es\/governor-quinn-attorney-general-madigan-others-help-trp-celebrate-grand-re-opening-second-federal-credit-union\/","title":{"rendered":"Governor Quinn, Attorney General Madigan, and others help TRP celebrate the grand re-opening of Second Federal Credit Union"},"content":{"rendered":"

Almost a year after the failed Second Federal Loans and Savings was going to be auctioned off by the FDIC to potential predators and speculators, the partnership that rescued the bank held a community celebration alongside more than 100 residents this past Saturday, September 21, 2013. Governor Pat Quinn, Illinois State Attorney General Lisa Madigan, Cook County Commissioner Jesus Garcia, Alderman Ricardo Mu\u00f1oz, and representatives from Self-Help Federal Credit Union, the National Credit Union Administration, and Wintrust Financial joined The Resurrection Project (TRP) to announce the rebirth of Second Federal as a credit union.<\/p>\n

\"\"
DACA student Nallely Silva hands Governor Quinn balloons representing the dreams of other DACA students.<\/figcaption><\/figure>\n

\u201cToday we\u2019re celebrating the resurrection of an institution that has a proud legacy of serving immigrant communities for more than 100 years,\u201d said Raul Raymundo, CEO of TRP and emcee for the event. \u201cWe rescued this bank together so that we can keep existing mortgage holders in their homes and so that it can continue to offer vital financial services to our communities.\u201d
\nLocal media, including ABC-7, WGN-9, Extra Newspaper, and CAN-TV, were also on hand to celebrate and cover this unique victory for the community.
\n\u201cWe\u2019re celebrating what can be achieved when we work together,\u201d said Governor Quinn, who emphasized the ongoing importance of public and private partnerships working together to achieve new victories for the community.
\nWhen Second Federal Savings and Loan failed in 2012, the FDIC planned to auction the bank\u2019s assets, including $161 million in deposits and 1,100 mortgage notes with a face value of $141 million. TRP and Self-Help Federal Credit Union, fearing that the auction of 1,100 mortgage notes would have exposed homeowners to increased foreclosure risks, forged a unique alliance to rescue the bank. The partnership worked with the FDIC to secure the $141 million in mortgage loans before working directly with Wintrust Financial, which had previously acquired the $161 million in deposits. Wintrust supported the rescue of Second Federal by agreeing to sell the assets back to the TRP\/Self-Help partnership.
\n\u201cThis was a resurrection, a rebirth, of an important financial institution for this community,\u201d said Attorney General Madigan.<\/p>\n

\"\"
Attorney General Lisa Madigan addressing the audience after hearing from Zenaida Zarco (rear)<\/figcaption><\/figure>\n

Second Federal, now operating as a community development credit union, has already begun offering new mortgage loans and new financial products tailored to the needs of its immigrant communities. This includes a $465 loan to DREAM students to cover the costs of applying for the federal government\u2019s Deferred Action for Childhood Arrivals (DACA) program. A DACA student, Nallely Silva, spoke at the event about the importance of such a loan.
\n\u201cThe DACA loan,\u201d she said, \u201cwill help students who think they can\u2019t apply to this important program because they don\u2019t have the application fee in hand. DACA is the first step toward other opportunities like financial aid for college. It\u2019s the first step toward fulfilling the dreams of DREAM students.\u201d
\nSecond Federal is also working to preserve the dreams of people who already have mortgages. As part of the partnership, TRP staff is working with Second Federal mortgage holders who are struggling with their payments. One family, Zenaida and Sixto Zarco, ran into difficulties when Sixto fell ill and had to stop working. They fell behind on their payments and were risking foreclosure. But by working with TRP and Second Federal, they received the assistance they needed to get back on track. They shared their story at the press event.
\n\u201cSecond Federal told me about The Resurrection Project,\u201d Zenaida told the audience, \u201cand how they had a program to help people who\u2019d lost their job make their mortgage payments. The process was fast and, in three weeks, we got the help we needed to get up to date on our payments.\u201d
\nAt the conclusion of the press conference, the dignitaries and guests onstage released more than 100 balloons into the air to symbolize the rising of the community\u2019s dreams. Mariachis struck up the music as the balloons made their ascent into the sky to the cheers and applause of all participants.
\nSaturday\u2019s celebration included children\u2019s games and activities, live music and cultural performances, free giveaways, and free food and treats from local vendors. The vibrant atmosphere was a promising sign of things to come for the resurrected credit union and its continued focus on serving its communities. The Resurrection Project and Self-Help Federal Credit Union both look forward to continuing to work with Second Federal to financially strengthen Chicago\u2019s Southwest Side and, together, create healthy communities.
\n\"\"<\/p>\n

To see more photos from the event, please visit our Facebook page!<\/a><\/h2>\n
Below are several media mentions regarding the event:<\/div>\n
<\/div>\n
ABC-7<\/a><\/div>\n
<\/div>\n
The Gate Newspaper<\/a>
\nCredit Union Times<\/a>
\nAmerican Banker<\/a>
\nNews Tips<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Almost a year after the failed Second Federal Loans and Savings was going to be auctioned off by the FDIC to potential predators and speculators, the partnership that rescued the bank held a community celebration alongside more than 100 residents this past Saturday, September 21, 2013. Governor Pat Quinn, Illinois State Attorney General Lisa Madigan, […]<\/p>\n","protected":false},"author":1,"featured_media":11824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"class_list":["post-3847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trp-news"],"yoast_head":"\nGovernor Quinn, Attorney General Madigan, and others help TRP celebrate the grand re-opening of Second Federal Credit Union | The Resurrection Project<\/title>\n<meta name=\"description\" content=\"Governor Pat Quinn and Illinois State Attorney General joined TRP and partners to celebrate the grand re-opening of Second Federal, a bank rescued by a unique partnership between TRP and Self-Help Federal Credit Union.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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