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IMMEDIATE RELEASE Keeping Money in Your Community MFU Files to Establish Credit Union JEFFERSON CITY, MO (July 13, 2004) – To offer an alternative to conventional or consolidated banking systems, Missouri Farmers Union, on June 28, filed a business plan with the Missouri Department of Economic Development’s Division of Credit Unions to establish and sponsor a credit union. Missouri Farmers Union Credit Union, MFUCU, will help alleviate lending barriers to young, new or entrepreneurial farmers that are being denied loans for conventional or alternative agriculture methods. The credit union, which is in the process of obtaining a state charter, will be a government charted, fully insured financial institution dedicated to serve its members’ financial needs. According to the members of the formation committee, MFUCU is built on the belief of those who still believe that small town, local independent people are the backbone of America's success and future. “The task will be huge, but the potential of a statewide community development credit union cannot be understated,” said Tony Barnicle, credit union project coordinator. “The MFUCU’s goal is to build an organization that has the potential to take back our economy from the banks and large corporations and return it to the control of household economies in our neighborhoods across the entire state.” Barnicle helped launch the Cameroon, Africa, Cooperative Credit Union League into an uplifting example other struggling groups can emulate. Following Cameroon’s success story, the MFUCU specifically wants to help young farmers and underserved people throughout Missouri. The credit union will provide a wide array of services determined by the needs and votes of the membership including checking and savings accounts, CD’s, personal loans, small business and farm loans and credit cards. Kremer says that consolidated banking systems are turning their backs on distressed areas by denying loans or abandoning the area all together. Once established, MFUCU will provide ongoing education, risk management services and market development for its members. “Outside sources of funding have not been a sustainable means of supporting a community,” said MFU President Russ Kremer. “The credit union is a means of capturing and circulating wealth throughout communities to develop viable, local economies.” Missouri Farmers Union’s mission is to protect and enhance the economic interests and way of life of family farmers and ranchers and the rural communities they represent. MFU is a true advocacy organization representing family farms and rural communities. For more information or to join, go to www.missourifarmersunion.org. ### |
