The newly Growing Oaks Federal Credit Union, Goldsby, Okla., is expected to begin operations in December, the National Credit Union Administration (NCUA) said Tuesday.
With a charter that became effective Aug. 7, Growing Oaks is the first federal credit union chartered in 2020, the NCUA said.
The agency said Growing Oaks will serve people who live, work, worship, or attend school in, and businesses and other legal entities located in Canadian, Cleveland, McClain, and Oklahoma counties in Oklahoma.
During its first year of operations, Growing Oaks will focus on consumer signature and used automobile loans, the agency said, and will also offer regular shares, share certificates, share drafts, retirement accounts, wire transfer services, and electronic transfer services. It plans to offer home loans in its third year, it said.
The NCUA Board’s chairman, Rodney Hood, said in a statement that he shares the credit union organizers’ “values of encouraging community participation, promoting financial inclusion, and helping people build greater financial security for themselves and their families.”