Raleigh To Gain Latino Credit Union

Luis Pastor of the Latino Credit Union said there is a greater need for new openings in Winston-Salem and Greenville.

The Latino Credit Union was launched in Durham in 2000 in response to a wave of robberies targeting Latinos who generally carried their cash or stored it at home.

Pastor said the intent of the union is to provide stable banking services to those Latinos who did not have the opportunity previously, for reasons ranging from education to transportation.

After its initial launch in Durham in 2000, the Latino Credit Union placed a branch in Charlotte last year, and now it plans to open a new branch in Raleigh next month.

Estimates placed 700 Raleigh customers already banking in the Durham location, in addition to the $12.5 million in assets for the entire Latino Credit Union.

After receiving nearly $2 million in federal aid money, Pastor said the credit union has plans to add three new locations in the state over the next six months.

Possibilities for new locations, aside from Raleigh, are Fayetteville, Winston-Salem and Greenville.

Pastor said the need for new locations is stronger in these areas than Chapel Hill because of the relative proximity of Orange County to already existing locations.

He said a Latino in Greenville would have to drive four hours to reach a branch at this time, whereas Chapel Hill or Carrboro residents would only require a 30-minute trip.

Pastor added that the Latino Credit Union in Durham already serves many members in the Chapel Hill and Carrboro areas.

El Pueblo is a local nonprofit organization dedicated to serving area Latinos. Senior Fellow Katie Pomerans said there is a need for such banking opportunities in the area because some area banks are not bilingual.

She said Latinos have a difficult time banking in such locations because of limited education.

"The more you increase access to banking or credit unions, the safer it is for the community," Pomerans said.

Pastor said the credit union already serves more than 7,000 members in total but there is a need for expansion in the near future.

He said, "We want to diversify our locations."

The City Editor can be reached at citydesk@unc.edu.