Demopolis Federal Credit Union gets $100,000

Published 12:00 am Monday, April 5, 2004

From Staff Reports

Fannie Mae, the nation’s largest source for financing of home mortgages, announced Thursday that it will make a $100,000 investment to Demopolis Federal Credit Union.

In an effort to expand and improve financial services offered to Demopolis families, Fannie Mae (FNM/NYSE), will make a deposit investment in the local credit union, located on Washington Street.

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Congressman Artur Davis. Demopolis Mayor Austin Caldwell, and Marcella Roberts, of Fannie Mae’s Alabama Partnership Office will be on hand Wednesday at 1:30 p.m. to celebrate the new investment which will provide more capital to be used to improve community development, assist the city with rehabilitation efforts, and enhance lending to traditionally underserved families.

Fannie Mae has pledge through its “American Dream Commitment” to expand access to home ownership for millions of first time home buyers.

Located within Alabama’s Black Belt, Demopolis Federal Credit Union was founded in 1966 with the mission to provide affordable banking services and access to credit for low- to moderate-income families in Demopolis’ predominantly African-American communities.

The credit union currently has 650 members, said Tracy Shell of Fannie Mae.

Ernest Johnson, one of the founders of the credit union, will also be on hand Wednesday.