Crescent Credit Union Selects BIC for FHLB Grant

BROCKTON, MA, February 9, 2010 – The Federal Home Loan Bank (FHLB) of Boston recently awarded Crescent Credit Union with an opportunity to select a non-profit organization of its choosing to receive $2,000 in grant money. The Credit Union selected Brockton Interfaith Community (BIC) as the recipient, and matched the grant with a $2,000 donation of its own, for a total contribution
of $4,000.

Crescent was awarded the opportunity due to the Credit Union’s utilization of borrowed funds from FHLB Boston to invest in its community in the form of mortgages primarily to Brockton residents.

(Pictured left to right: Crescent President Robert Gustafson; from BIC: Carol Delorey, BIC President Elizabeth Saville, Ginny Hopgood)

“The Federal Home Loan Bank of Boston works with its member financial institutions, such as Crescent Credit Union, to provide liquidity and technical assistance to serve their communities,” said Christine Gimbel Rogers, Senior Community Investment Manager of the Federal Home Loan Bank of Boston. “I commend the leadership of Crescent Credit Union and Brockton Interfaith Community for their ongoing work in the city of Brockton.”

Crescent Credit Union has been a business partner with FHLB Boston since 1999. The Credit Union’s mortgage programs include the First Time Home Buyers Program and the Buy Brockton Mortgage Program affiliated with the Brockton Housing Partnership. The Buy Brockton Program is designed to help qualified buyers purchase a home currently owned by a bank, in foreclosure, or to be sold in a short sale.

“We’re honored that the Federal Home Loan Bank selected Crescent Credit Union for this award,” said Crescent President Robert Gustafson. “And we’re excited to be able to match the funds and pass it along to a worthy, community-focused organization such as BIC.”

The recipient of the $4,000 contribution, Brockton Interfaith Community (BIC) is a nonpartisan, faith-based community organization made up of thirteen religious congregations and Stonehill College. Since 1990, BIC has worked to improve the quality of life in Brockton by training ordinary citizens to organize and bring about change in a variety of areas such as crime and public safety, housing and home ownership, education, health care, and youth issues. For more information about BIC, visit: www.brocktoninterfaithcommunity.org/.