Question 1

What is Unity of Eatonville Federal Credit Union (Unity of Eatonville FCU)?

Accepted Answer

Unity of Eatonville Federal Credit Union is a community-focused federal credit union serving the historic town of Eatonville, Florida. As a designated Minority Depository Institution (MDI) and Low-Income Designated (LID) credit union, it specializes in providing essential financial services to an underserved community. With approximately $3.2 million in assets and over 400 members, Unity of Eatonville FCU represents a grassroots effort to bring banking access to America's oldest incorporated African American municipality.

The credit union operates as a financial catalyst for economic empowerment in a community that had been a banking desert for decades.

Question 2

When was Unity of Eatonville Federal Credit Union (Unity of Eatonville FCU) founded?

Accepted Answer

Unity of Eatonville Federal Credit Union received its federal charter from the NCUA in December 2021, making it one of the nation's newest credit unions. The credit union was founded through the vision of Pastor Willie C. Barnes of Macedonia Missionary Baptist Church, who had served the Eatonville community for over 30 years.

Pastor Barnes assembled a task force in 2018 to explore forming a credit union to address the severe lack of financial services in Eatonville. After three years of dedicated work, the group successfully obtained one of the rare federal credit union charters granted by the NCUA. The credit union hired its first employee, Branch Manager James Rivera, in June 2022 and began serving the community that same year.

The founding of Unity of Eatonville FCU represented a significant achievement, as very few new federal credit union charters are granted annually.

Question 3

Where is Unity of Eatonville Federal Credit Union (Unity of Eatonville FCU) headquartered?

Accepted Answer

Unity of Eatonville Federal Credit Union is headquartered in Eatonville, Florida, located approximately seven miles north of downtown Orlando. The credit union operates from 323 E. Kennedy Boulevard, Suite G, in Eatonville.

Eatonville holds profound historical significance as the oldest incorporated African American municipality in the United States, having been incorporated on August 15, 1887. The town was founded by formerly enslaved people and their descendants who sought self-governance and economic independence during the post-Reconstruction era.

Question 4

Where does Unity of Eatonville Federal Credit Union (Unity of Eatonville FCU) operate?

Accepted Answer

Unity of Eatonville FCU primarily serves the Eatonville community and surrounding areas in Central Florida. The credit union received a Low-Income Federal Community Charter from the NCUA, which defines its field of membership.

As a community credit union, it focuses on serving residents and businesses within Eatonville and the greater Orange County area who fall within its charter boundaries. The credit union's service area encompasses one of Florida's most historically significant African American communities, along with neighboring underserved populations.

The credit union has expressed aspirations to eventually expand to other underserved communities by opening additional branches.

Question 5

What services does Unity of Eatonville Federal Credit Union (Unity of Eatonville FCU) offer?

Accepted Answer

Unity of Eatonville Federal Credit Union provides essential financial services including:

Deposit Accounts: Savings accounts, checking accounts, and certificates of deposit (CDs) that help members build financial stability and savings.

Lending Services: Various loan products designed to meet community needs, supporting both personal and small business financing.

Transaction Services: Wire transfer services, enabling members to send and receive money domestically.

Financial Education: Financial literacy education programs aimed at empowering community members with knowledge about money management, credit building, and wealth creation.

Community Outreach: Programs specifically designed to engage and support the local Eatonville community, addressing decades of financial service gaps.

The credit union maintains convenient branch hours, including Sunday operations from 9 a.m. to 2 p.m., recognizing the schedules and needs of its membership. Additional services are available Monday, Tuesday, Thursday, and Friday.

Question 6

What makes Unity of Eatonville Federal Credit Union (Unity of Eatonville FCU) unique?

Accepted Answer

Unity of Eatonville FCU stands out as a powerful example of community-driven financial empowerment. Born from a pastor's vision and community determination, the credit union addresses a critical need in a historically significant African American town that had functioned as a banking desert for years.

Historic Community Service: The credit union serves Eatonville, the oldest incorporated African American municipality in the United States, a town with roots dating to 1887 and connections to renowned author Zora Neale Hurston.

Grassroots Growth Strategy: Unity of Eatonville employs a door-to-door and church-to-church outreach approach, building trust within a community that has historically faced systemic financial exclusion.

Dual Designation Impact: As both a Minority Depository Institution (MDI) and Low-Income Designated (LID) credit union, it serves populations that traditional financial institutions have underserved or ignored entirely.

Community Transformation: The credit union's presence has tangible daily impact, allowing senior citizens who previously needed to take buses or walk miles to access banking services to now walk across the street to conduct their financial business.

Local Economic Catalyst: Beyond personal banking, Unity of Eatonville aims to support local businesses, helping keep money circulating within the community and fostering sustainable economic development.

The credit union's mission statement emphasizes using "God given gifts to support and serve the local membership and community through exceptional products, steadfast customer service and uncompromised integrity."

Question 7

What type of financial institution is Unity of Eatonville Federal Credit Union (Unity of Eatonville FCU)?

Accepted Answer

Unity of Eatonville Federal Credit Union is a federally chartered credit union regulated by the National Credit Union Administration (NCUA). As a federal credit union, it operates under a cooperative structure where members are also owners, with each member having equal voting rights regardless of their account balance.

The credit union holds a Low-Income Federal Community Charter, which allows it to serve a defined geographic community with demonstrated economic need. This charter type specifically supports financial inclusion in underserved areas.

Unity of Eatonville carries special designations that reflect its mission and community focus. As a Minority Depository Institution (MDI), at least 51% of its voting stock is owned by minority individuals, or its board majority comprises minorities, and it primarily serves minority communities. Its Low-Income Designation (LID) from the NCUA recognizes that the majority of its members meet low-income criteria, qualifying the credit union for additional support and resources to serve economically disadvantaged populations.

Membership is open to individuals who live, work, worship, or attend school in the credit union's designated community, as well as businesses and organizations operating within the community.

Question 8

How does Unity of Eatonville Federal Credit Union (Unity of Eatonville FCU) support community development?

Accepted Answer

Unity of Eatonville Federal Credit Union serves as far more than a financial institution—it functions as a community anchor and economic development catalyst. The credit union emerged from a comprehensive community survey in which over 94% of respondents expressed interest in establishing a local credit union and committed to supporting it financially.

The credit union addresses multiple dimensions of community need. In a town classified as both a financial desert and food desert, Unity of Eatonville provides accessible financial services where none previously existed. Local businesses that once had to travel outside city limits for basic services like making change can now conduct banking locally, keeping economic activity within Eatonville.

The credit union's leadership has articulated a vision of becoming the credit union of choice for local businesses, believing that supporting business sustainability will keep capital circulating within the community. By helping businesses succeed and remain in Eatonville, the credit union aims to foster long-term economic vitality.

Unity of Eatonville has received support from organizations like Inclusiv, which provided grant funding and resources to help the young credit union establish sustainable operations. The credit union's future plans include employing a full staff of Eatonville residents who understand the community intimately and can provide culturally competent financial services.

The institution represents a modern continuation of Eatonville's founding principles of self-governance, economic independence, and community empowerment that date back to 1887.

Unity of Eatonville Federal Credit Union (Unity of Eatonville FCU)

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About Unity of Eatonville Federal Credit Union (Unity of Eatonville FCU) in the United States