Stepping Stones Community Federal Credit Union to Join FHLBank Pittsburgh

WILMINGTON, Del.--(BUSINESS WIRE)--

Stepping Stones Community Federal Credit Union (Stepping Stones CFCU) – a Wilmington-based organization committed to providing access to credit, education and individualized approaches to money matters – announced today it has become a member of the Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh).

Membership with FHLBank Pittsburgh enables Stepping Stones CFCU to further meet the needs of its members – those who reside or work in the city of Wilmington – with access to a number of low-cost financial tools and sponsorship of applications for FHLBank's affordable housing program. Local businesses like Discover Bank, which contributed funds to the effort, helped Stepping Stones Community CFCU pursue the application process and meet the requirements for membership with FHLBank Pittsburgh.

U.S. Senator Tom Carper (D-DE) was joined by representatives from Stepping Stones CFCU, FHLBank Pittsburgh and Discover Bank at a ceremony today for the announcement. The event took place at the offices of the Delaware Community Reinvestment Action Council (DCRAC), the non-profit organization that founded Stepping Stones in an effort to combat payday lending and high-cost alternative financial services for residents on the east side of Wilmington.

"A key to our economic recovery in Delaware and across the nation is affordable home ownership," said U.S. Sen. Tom Carper. "A home is the cornerstone of family life and the hard-working people of Wilmington deserve access to affordable financing. FHLBank, Stepping Stones CFCU and Discover Bank have made these opportunities possible and that is a critical investment in the future of our city and state."

"Joining FHLBank Pittsburgh lays a strong foundation for the growth and stability of the credit union and Wilmington's east side, particularly in our ability to offer financial services and sponsor applications for affordable housing, which is a significant need in our community," said Rashmi Rangan, director, Stepping Stones CFCU.

Stepping Stones CFCU holds strong partnerships with banks in Delaware that have helped to capitalize the credit union with deposits and grants to sustain its operation. SSCFCU was the only credit union chartered by the NCUA in 2011. Its founding was made possible through support of businesses like Discover Bank, which contributed $250,000 in startup funding in addition to an additional $150,000 in grant funding and technical assistance.

"Discover Bank is invested in the ongoing success of the New Castle County community and its residents. We're committed to helping organizations like the Stepping Stones CFCU meet the needs of the broader community and to help people achieve a brighter financial future", said James J. Roszkowski, president, Discover Bank.

One of 11 FHLBanks nationwide, FHLBank Pittsburgh provides its 300+ member financial institutions across Delaware, Pennsylvania and West Virginia with readily available low-cost funding and opportunities for affordable housing.

"We're pleased to bring Stepping Stones CFCU aboard as a member financial institution and provide it with access to our various Community Investment programs," said Winthrop Watson, president and CEO, FHLBank Pittsburgh. "We're confident our partnership and programs, like the Affordable Housing program, will make a positive difference to the community on the east side of Wilmington."

In joining the FHLBank Pittsburgh, Stepping Stones CFCU furthers its commitment to the community on the east side of Wilmington. The credit union also is a member of East Side Rising, a coalition of charitable organizations devoted to the redevelopment of the area by improving housing conditions of existing residents, beautification efforts, creating job opportunities, and improving recreational opportunities for youth.

About Stepping Stones Community Federal Credit Union

Since its inception in 2011, Stepping Stones Community Federal Credit Union has been providing financial products to members in and around Wilmington, Del. The credit union has grown its membership to more than 297 members, with assets of more than $1.3 million. For more information about Stepping Stones CFCU, visit www.steppingstonescfcu.org.

About FHLBank Pittsburgh

As an intermediary between global capital markets and local lenders, FHLBank Pittsburgh provides readily available liquidity, as well as affordable housing and community development opportunities, to member financial institutions of all sizes in Delaware, Pennsylvania and West Virginia. The Bank is part of the Federal Home Loan Bank System, which was established by Congress in 1932 and serves as a reliable source of funds for housing, jobs and economic growth in all economic cycles. To learn more, visit www.fhlb-pgh.com.

About Discover

Discover Financial Services DFS is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts, certificates of deposit and money market accounts through its direct banking business. It operates the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discover.com/company.

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