Chartered in 1961, OnPath Federal Credit Union is headquartered in Metairie, Louisiana, and serves 98,000 members. The credit union is a certified Community Development Financial Institution (CDFI) and holds a low-income designation.
The subordinated debt will support OnPath’s strategic initiatives, including member growth, branch and field of membership expansion, and enhanced engagement with its existing and growing membership. The credit union is also committed to expanding access to affordable financial services for underserved and marginalized populations, including low-income households, minority communities and minority-owned businesses, immigrants, and individuals with limited or no credit history.
“Consistent with our long-term strategy, we expect the Subordinated Debt issuance will assist our ongoing efforts to better service our low-income service area”, stated Darlene Gibson, OnPath Chief Financial Officer.
“NCB is proud to partner with OnPath Federal Credit Union to support its mission of expanding access to financial services and strengthening the communities it serves,” said Bill Stewart, Senior Vice President at National Cooperative Bank.