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Media Release

People’s Community Partnership Federal Credit Union and Self-Help Federal Credit Union Announce Merger

Sep 30, 2008

Contacts: Steve Zuckerman at 510-379-5511 or; David Beck at 919-956-4495 or

Oakland, CA — Oakland’s People’s Community Partnership Federal Credit Union and Self-Help Federal Credit Union (SHFCU) have merged in order to strengthen their ability to provide affordable financial services to underbanked communities in Oakland.

The partnership is a proactive step by both credit unions to capitalize on their strengths, and position the new credit union to move confidently into the future. Both People’s and Self-Help share a common mission to provide affordable quality financial services to underserved communities. The merger will result in a wider variety of services and products for People’s members, and help the institution strengthen its presence in the community.

“Over the past eight years, People's has become an important institution serving the Oakland flatlands. We're excited to have found a partner who so closely shares People's community development mission. We're confident that with Self-Help, People's will flourish and be able to serve our community for years to come” said Elissa Dennis, a People’s founding board member and previous board chair.

“This merger will allow People’s to expand our range of services to Oakland families,” said People’s Branch Manager Sherry Alexander. “As a relatively young institution, we can now confidently move forward in a difficult financial environment with a superb partner in Self-Help.”

Under the merger Oakland-based People’s will become part of SHFCU, chartered by the National Credit Union Administration (NCUA) in July to provide fair and affordable financial services to underbanked communities. People’s will do business as People’s Federal Credit Union, a division of Self-Help Federal Credit Union.

The assets and impact of the People’s branch and SHFCU more generally will be built with deposits from individuals and organizations who support People’s work in the Oakland flatlands and Self-Help’s broader mission of creating and protecting ownership and economic opportunity for people of color, women, rural residents and low-wealth

families and communities. All deposits are federally insured up to $100,000. IRAs are insured up to $250,000.

“Having People’s join with Self-Help is a win-win all the way around,” said Steve Zuckerman, Managing Director of Self-Help’s California operations. “People’s has earned an outstanding reputation in Oakland. This merger will provide People’s the benefit of Self-Help’s broad lending experience and allow Self-Help to better serve low-wealth California families.”

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About People’s:

People’s Community Partnership Federal Credit Union was chartered in 2000 and opened in early 2001 to promote the economic empowerment of Oakland’s residents, especially those traditionally underserved by financial institutions. People’s branch is located in the West Oakland neighborhood at 1432 7th Street.

About Self-Help Federal Credit Union:

SHFCU is part of the non-profit Center for Community Self-Help family of organizations. This includes North Carolina state-chartered Self-Help Credit Union, Self-Help Ventures Fund and the Center for Responsible Lending.

Founded in 1980, Self-Help is nonprofit community development lender and real estate developer that works with qualified individuals, organizations and communities traditionally underserved by conventional markets. Self-Help has provided over $5.2 billion of financing to over 60,000 low-wealth families, small businesses and nonprofit organizations across the country, with an annual loan loss rate of under one percent.