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In what is being considered a unique “win-win-win” partnership, Abundant Faith Ministry and Springfield Postal Credit Union recently teamed up to become Financial Partners Credit Union.
The greatest benefactors of this alliance stand to be the individuals in the community who do not have access to basic financial services and typically use payday loan stores and check cashing outlets, or are involved in predatory loan situations. In the past, Abundant Faith has made efforts via empowerment workshops to help provide financial literacy to low-income members of the church and the community. Now with the credit union’s existing infrastructure, the church will be able to more fully live out one of its missions.
 “This collaboration is about combating the issue of economic instability,” said Pastor Jerry Doss, founder of Abundant Faith Christian Center (AFCC). “It truly is a dream being realized.”
A ceremonial signing and reception to mark the occasion and membership drives during church services have already been held to create awareness of the new partnership and available credit union services. Dignitaries in attendance at the ceremony included Rev. Doss; Shirley Bialas, CEO, Financial Partners CU; Gerry Gebke, Chairman, Financial Partners CU; and public officials, including Bill Houlihan from U.S. Senator Richard Durbin’s office, Illinois State Representative Raymond Poe (R, 99 – Springfield), representatives from the office of Springfield Mayor Timothy J. Davlin, and Sangamon Valley Chapter League Director Tootie Holmes.
The partnership came about after Abundant Faith investigated the possibility of starting its own credit union. After determining the best use of its resources would be to partner with an existing credit union, Rev. Doss and members of the church approached ICUL. ICUL identified Springfield Postal ECU as one of several possible partner credit unions for the church to enter into discussions through its “host” credit union initiative. Through this program, a number of benefits can be realized:
- Helps prevent the existing credit union from being forced to merge by installing a viable field of membership (FOM), thus saving a state charter;
- Provides an immediate credit union charter conduit to new groups desiring credit union services, without being subjected to intense share insurance capital funding requirements necessary for forming a new state charter;
- Facilitates a continuance of services to the "host" credit union's existing FOM thus preserving the credit union's tradition and financial services to the original FOM.
- Enables the state regulator to modify the "host" credit union's charter in a manner that uniquely represents the new membership group by expanding the "host" credit union's charter and approving name and location changes if necessary; and
- Saves an Illinois business entity while preserving jobs at this entity and maintaining the availability of financial services for the citizens/members utilizing the credit union.
In this particular instance, the credit union was already a full service financial institution. It was in the process of determining its strategic business plan, given its lack of potential new members in the future. Formed in 1926, the credit union was originally named Springfield Government Employees Credit Union, chartered to serve only city employees. In the 1930’s, it changed its charter and its name to serve postal employees. Now called Financial Partners Credit Union, it has nearly 2,000 members and more than $8.2 million in assets.
“We’re excited about the possible ways in which we will be able to work with Abundant Faith and make a real effort to better assist members of the church and our existing credit union members,” said Shirley Bialas, CEO, Financial Partners CU.
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