Question 1

What is Holy Rosary Credit Union?

Accepted Answer

Holy Rosary Credit Union is a state-chartered, faith-based community credit union headquartered in Kansas City, Missouri. With approximately $44.8 million in total assets and nearly 6,900 members, the credit union serves the Catholic Diocese of Kansas City-St. Joseph and members of various nonprofit and needs-based organizations in the area.

Often called "the melting pot credit union," Holy Rosary has a mission to create a world without poverty by providing economic opportunity to underserved communities. The institution holds a low-income designation from the NCUA and operates as a Community Development Financial Institution (CDFI).

Question 2

When was Holy Rosary Credit Union founded?

Accepted Answer

Holy Rosary Credit Union was founded in 1943, making it over 80 years old. The credit union was originally organized to serve the Holy Rosary Parish in Kansas City, providing financial services to parishioners and helping build financial stability within the Catholic community.

Over its eight-decade history, the credit union has evolved from serving a single parish to becoming a multi-group credit union that welcomes diverse ethnic communities. The institution has maintained its commitment to serving people of modest means while expanding its field of membership to include various nonprofit organizations and faith-based groups connected to the Catholic Diocese of Kansas City-St. Joseph.

Question 3

Where is Holy Rosary Credit Union headquartered?

Accepted Answer

Holy Rosary Credit Union is headquartered at 533 Campbell Street in Kansas City, Missouri 64106. The main office is located in the historic northeast area of Kansas City, near the Don Bosco Community Center, where the credit union has deep roots in the local community.

Question 4

Where does Holy Rosary Credit Union operate?

Accepted Answer

Holy Rosary Credit Union primarily operates in Kansas City, Missouri and the surrounding region, serving members of the Catholic Diocese of Kansas City-St. Joseph. In 2023, the credit union expanded its presence by opening a branch in St. Joseph, Missouri, purchasing a permanent building location to better serve members in that area.

Membership eligibility extends to individuals who are affiliated with parishes of the Catholic Diocese of Kansas City-St. Joseph, work for or are connected to specific nonprofit and needs-based organizations in the area, or are family members of current members. The credit union also offers membership to anyone willing to join their nonprofit partner, The Magis Foundation, with a one-time $5 fee.

Question 5

What services does Holy Rosary Credit Union offer?

Accepted Answer

Holy Rosary Credit Union provides a comprehensive range of financial services designed to serve individuals and small businesses:

Consumer Banking Services:
• Share savings accounts and checking accounts (share draft accounts)
• Certificates of deposit with competitive rates
• Consumer loans and personal lending products
• Residential mortgage lending and home equity financing
• Debit cards and credit cards (Visa)
• SAFE Accounts for the underbanked
• Qcash small-dollar lending program as an alternative to payday loans

Digital Banking Services:
• Online banking (e-Branch) with bill pay functionality
• Mobile banking app with remote deposit capture
• E-statements and online account management
• Multi-factor authentication for enhanced security
• Pay-a-Person money transfer services via text or email
• Balance inquiry via mobile app without logging in

Business Services:
• Business checking accounts
• Small business loans and commercial lending
• Business plan consulting and development
• Financial counseling for entrepreneurs
• Merchant card processing through OnCore

Financial Education and Counseling:
• Free financial counseling with certified financial counselors
• Credit Check Plus services
• Solid Foundations financial education sessions
• Credit score improvement assistance
• Multilingual support to overcome language barriers

Question 6

What makes Holy Rosary Credit Union unique?

Accepted Answer

Holy Rosary Credit Union stands out for its deep commitment to poverty alleviation and economic justice. The institution operates with an explicit mission to "create a world without poverty" and serves as a beacon of hope for underserved and immigrant communities.

The credit union has earned recognition for its remarkable turnaround story. In the early 2000s, the institution faced financial decline with dwindling membership and lacked basic digital services like a website or online banking. Under the leadership of President and CEO Carole Wight (who joined in 2008), Holy Rosary strategically leveraged every available resource, applying for NCUA grants and partnering with mission-driven organizations to rebuild and expand services.

Distinctive features include:
• Multilingual and multicultural service: Staff members provide support in multiple languages, reflecting the diverse immigrant communities served
• Faith-based cooperative: While rooted in Catholic social teaching, the credit union welcomes members of all backgrounds and faiths
• CDFI designation: As a certified Community Development Financial Institution, Holy Rosary focuses on serving low-income and underserved populations
• School branch program: Through NCUA grants, the credit union operates school branches to provide financial education to students and their families
• All staff are certified financial counselors: Every employee can provide sound financial guidance at any point of contact
• Member of Catholic Credit Union Association: Part of a national network of Catholic-affiliated credit unions collaborating on shared mission work

The credit union has received national recognition as a model for small credit union success, particularly for its strategic use of grants, partnerships with organizations like Inclusiv, and innovative programs serving the unbanked and underbanked.

Question 7

What type of financial institution is Holy Rosary Credit Union?

Accepted Answer

Holy Rosary Credit Union is a state-chartered credit union regulated by the National Credit Union Administration (NCUA) and operates under Missouri state law. The institution is classified as a natural person credit union, meaning it serves individual members rather than other credit unions or organizations.

As a cooperative financial institution, Holy Rosary is owned by its members, who elect a volunteer board of directors. The not-for-profit structure allows the credit union to return value to members through competitive dividend rates on savings, lower loan rates, and reduced fees compared to for-profit financial institutions.

The credit union operates with a multiple common bond charter, serving members who share connections through their Catholic faith, affiliation with approved nonprofit organizations, employment relationships, or family ties to existing members. Holy Rosary maintains well-capitalized status with a net worth ratio above 11%, demonstrating strong financial stability and prudent management.

Question 8

How does Holy Rosary Credit Union support community development?

Accepted Answer

Holy Rosary Credit Union functions as a Community Development Financial Institution (CDFI), focusing substantial resources on poverty reduction and economic empowerment in Kansas City's underserved neighborhoods.

The credit union actively partners with local social service organizations to provide alternative financial services, including SAFE Accounts that help reduce crime rates by providing banking access to those typically excluded from the financial system. Through participation in the CDFI Fund's Small Dollar Lending program, Holy Rosary offers affordable credit alternatives to predatory payday lending.

In 2022, the credit union received a significant ECIP (Emergency Capital Investment Program) Secondary Capital Loan from the U.S. Treasury to support growth and expand lending capacity to minority and underserved communities. The institution has also developed specialized programs for small business owners, providing not just financing but comprehensive business planning support, financial education, and one-on-one mentoring.

Holy Rosary's commitment extends beyond financial transactions to building genuine relationships with members, overcoming language barriers, and creating mutual trust that empowers individuals to achieve financial stability and independence. This holistic approach to community development has made the credit union an invaluable resource in Kansas City's efforts to address economic inequality.

Holy Rosary Credit Union (Kansas City, MO)

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About Holy Rosary Credit Union (Kansas City, MO) in the United States