The Association for Black Economic Power (ABEP) has announced the new name of the first Black-led community credit union in Minnesota: Arise Community Credit Union! After state and federal regulators approve its application and charter, the new credit union will find its home in North Minneapolis and serve the community and all of Hennepin and Ramsey counties.
While the former name of the credit union was Village Financial Credit Union, ABEP's legal counsel urged the board of directors to make the change as the market contains many financial institutions with the word village in their names. The board of directors presented the two vetted names to the community for an opportunity to vote online. These two options were Northrail Community Credit Union and Arise Community Credit Union. Arise Community Credit Union won the vote as nearly 90 percent of voters chose this name!
"Next steps include pulling together the credit union's board of directors and key committees, as well putting the final touches on the charter application documents before submitting this fall," said Debra Hurston, executive director of ABEP.