Van Nuys, CA - The Pacoima Development Federal Credit Union (PDFCU) and the VEDC (Valley Economic Development Center) announced today that it has reached the $1 million dollar mark in deposits. With the continuing support of Council President Alex Padilla, the Credit Union is on track with its business plan.

PDFCU Chairman/CEO and VEDC President, Roberto Barragan, says of the milestone, “On behalf of the Credit Union and VEDC I would like to thank these credit unions, non-profit organizations and corporations who have stepped up to be the first depositors in the establishment of only the third financial institution and first credit union in Pacoima. With this support, we look forward to making home equity and used car loans to area residents who are now paying up to 26 percent in interest rates. ”

Other credit unions and non-profit organizations that make up the list of depositors are: Wescom Credit Union, the Boeing Employee Credit Union, Meet Each Need with Dignity (MEND), the California Community Economic Development Association (CCEDA), The Shefa Fund, the Golden 1 Credit Union, Xerox Federal Credit Union, LBS Financial Credit Union, Kinecta Federal Credit Union, the Economic Alliance of the San Fernando Valley and sole corporate depositor Transit Systems, Inc.

The PDFCU was formed in response to the need of over 200,000 area residents who had long been preyed on by fringe financial institutions. Membership to the credit union is available to Pacoima residents as well as those who live, work, worship, and go to school or own a business in the Northeast San Fernando Valley. Members of the Pacoima Chamber of Commerce and the Valley Industry & Commerce Association (VICA) are also eligible to join. Construction on the credit union’s building is ongoing, with a grand opening expected in October. Deposits are being accepted and all questions about membership should be directed to the PDFCU’s Operations Manager, Sandra Chavez at 818-485-0963.

VEDC is a non-profit business development corporation seeking to revitalize communities and create jobs for deserving residents by being the leading provider of consulting, training, financing and workforce solutions to local businesses.