ST. PAUL, Minn.--(BUSINESS WIRE)--On Oct. 27, The Association for Black Economic Power (ABEP), along with the Minnesota Credit Union Network (MnCUN) hosted the official Arise Community Credit Union Organization Meeting.
The seven community organizers of Arise met to elect the membership; elect the credit union’s board, supervisory and credit committees; and approve the credit union’s by-laws. Afterward, the credit union’s board of directors proceeded with its first official meeting to chart the future of the organization.
With completion of these final steps, the Association for Black Economic Power finalized the credit union’s charter and insurance applications and submitted them to the Minnesota Department of Commerce and the National Credit Union Administration on Oct. 31.
To support ABEP in this effort, last year the Minnesota Credit Union Foundation set out to raise $1 million in capital from support of the credit union community. The Foundation is pleased to announce the goal was reached this past month, with $1,083,600 in capital contributions raised.
“ABEP and the new Arise Community Credit Union leadership are extremely proud and humbled to be a part of this momentous occasion,” said Debra Hurston, Executive Director of ABEP. “We are witnessing history, and are extremely grateful for the support and dedication of so many who worked to reach this milestone.”
The initiative will now move onto its next phase – strategically planning and beginning to implement critical items from the proposed credit union’s business plan while awaiting responses from regulators on the charter application.
ABOUT ABEP: The Association for Black Economic Power (ABEP) is a nonprofit organization created to establish a Black-led financial institution to address systemic financial challenges impacting Minneapolis residents, particularly people of color. This vision was birthed from North Minneapolis community members who strongly believe that institutional economic power is the critical ingredient to addressing the inequities blacks experience in Minnesota. Additionally, as a community development organization, ABEP seeks to impact the underserving communities it serves from the standpoint of affordable housing, workforce development, and small business acceleration opportunities. Learn more at: https://abepmpls.org/