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Credit Union Will Work to Promote Financial Inclusion and Independence

ALEXANDRIA, Va. (Aug. 18, 2020) – The National Credit Union Administration announced today that it granted a federal charter and National Credit Union Share Insurance Fund coverage to Growing Oaks Federal Credit Union in Goldsby, Oklahoma.

“It is always inspiring to see people in a community come together to create affordable financial opportunities for their neighbors and their local economy,” NCUA Chairman Rodney E. Hood said. “I congratulate the organizers whose vision and hard work made Growing Oaks a reality. I share their values of encouraging community participation, promoting financial inclusion, and helping people build greater financial security for themselves and their families.”

The credit union’s charter became effective Aug. 7, 2020, and the organizers expect to begin operations in December.

Growing Oaks Federal Credit Union will serve people who live, work, worship, or attend school in, and businesses and other legal entities located in Canadian, Cleveland, McClain, and Oklahoma counties in Oklahoma.

During its first year of operations, Growing Oaks will focus on consumer signature and used automobile loans and offer its membership:

• Regular shares
• Share certificates
• Share drafts
• Retirement accounts
• Wire transfer services
• Electronic transaction services

The credit union plans to offer home loans in its third year of operations.

Growing Oaks is the first federal credit union chartered in 2020.