FOR IMMEDIATE RELEASE
Contact: Becca Jones
Lutheran Church Extension Fund
The Lutheran Church Extension Fund (LCEF) announces its sponsorship of a federally chartered credit union, focused on supporting and serving the financial needs of the members of The Lutheran Church—Missouri Synod (LCMS). A detailed review of the information that led to this decision was shared with members during the 2013 LCEF Annual Meeting, part of LCEF’s Fall Leadership Conference in San Antonio, Texas.
In its October 2013 meeting, the LCEF Board of Directors approved the sponsorship and an allocation of start-up capital for the establishment of the credit union. The board made this decision after it and LCEF’s senior leadership conducted nearly two years of extensive assessment. The credit union, serving all LCMS members, will be a corporation separate from LCEF, focused on providing state-of-the-art banking products with superior customer service.
LCEF President/CEO Richard C. Robertson expressed his enthusiasm for this opportunity and its benefit to the LCMS community. “The analysis and consumer data from existing LCEF members, as well as non-members, is very encouraging,” Robertson said. “LCEF is pleased to act as a catalyst in this unique way to serve our Church community.”
It is anticipated it will require 12 to 18 months for the credit union to gain regulatory approval from the National Credit Union Administration (NCUA) and to implement the processes required to become operational. Further information about the credit union will be shared as it becomes available.
The mission and focus of the LCEF remains to support the Church in fulfilling its mission of sharing the Gospel of Jesus Christ by being a servant partner of the LCMS, ensuring that funds and services are available now and in the future. With more than 80,000 investment partnerships and a dedicated staff throughout the United States, this not-for-profit organization provides loans and facility-planning services to LCMS churches, schools, recognized service organizations and rostered church workers through the investment support of church members.
For more information about LCEF, call 800-843-5233.
For inquiries about the credit union, email LCMS.CreditUnionInfo@lcef.org.