WHEN:     Monday, February 14, 2005—10:00am – 10:30am

WHAT:    Press conference to announce the chartering of the Pacoima Development Federal Credit Union and to call on check cashing agencies to stop preying on residents of the Northeast Valley

WHO:      VEDC President Roberto Barragan, Los Angeles City Council President Alex Padilla and residents of Pacoima on hand to celebrate the beginning of their journey on the road to financial equality

WHERE:  13168 Van Nuys Blvd., Pacoima (on Van Nuys between Glenoaks & San Fernando Rd.-the future home of the credit union)        

Van Nuys, CA - The Valentine’s Day announcement of a new credit union in Pacoima comes almost three years after VEDC originally surveyed check cashing agencies in the area and found that residents were being robbed of their right to affordable retail financial services. 

“The reality of a credit union opening in a neighborhood that has been victimized by fringe financial institutions is a testament to those committed to this project for the past five years. Their tremendous effort has resulted in an empowerment opportunity for approximately 200,000 underserved residents, and we are pleased to have worked with NCUA toward gaining approval of this new charter," said Roberto Barragan, VEDC President and   driving force behind the creation of the credit union. One of those partners is Los Angeles City Council President Alex Padilla who is a huge supporter of the Credit Union and is responsible for securing more than $1.2 million in funding for its operation and working capital costs.

The Pacoima Development Federal Credit Union (PDFCU) will be the first and only community financial services institution in the area.