Cone Health Foundation’s impact deposit at the Latino Community Credit Union directly funds the life-changing loans our members use to achieve financial stability and lead healthier lives.
Since the Foundation first made its impact deposit at LCCU on November 28, 2018, the deposit of approximately $3.5 million has circulated twice over in the local economy, generating approximately $7 million in loans for LCCU members.
LCCU has grown dramatically over this time. Since November 2018 through August 2023:
- We opened a second branch in Greensboro (7/2021) and a new branch in High Point (1/2022).
- Our Greensboro-High Point membership grew 55%, from 7,984 to 12,356.
- Our Greensboro-High Point members’ savings grew 166%, from $14.8 million to $39.3 million.
- Our lending in Greensboro-High Point grew 124%, from $49.6 million in loans outstanding to $111.3 million in loans outstanding.
LCCU has grown into an even more impactful and financially sound organization:
- We serve more than 130,000 members across 15 branches in NC and our Virtual Center for remote access.
- We have $970 million in assets and will cross the $1 billion mark soon.
- Our current charge-off rate stands at an admirable 0.17%, nearly a third of that of our peer group.
- On the strength of our sound finances and robust lending infrastructure, in 2021 LCCU received a $99 million, 30- year, low-interest loan from the U.S. Treasury Department. This investment was designed to strengthen our equity base (22% Net Worth Ratio) and position us to bring in significantly more private sector deposits to fund our lending.
Our partnership with Cone Health Foundation has been invaluable, leading to increased visibility of our work and additional deposits from local, mission-aligned partners. The Foundation’s impact deposit is a powerful upstream investment in the health and well-being of local families traditionally locked out of economic opportunity and a model for other anchor institutions in North Carolina.
Click here to view mortgages by zip codes in Guilford County, November 2018 to August 2023.
