Citadel Credit Union, a major financial institution in the Greater Philadelphia area, has announced a significant settlement with the U.S. Department of Justice (DOJ). This agreement marks a crucial step in Citadel’s journey to reinforce its dedication to community engagement and promote equitable access to financial services for all.
Citadel Credit Union President & CEO, Bill Brown, expressed that the settlement arises from the company’s past shortcomings in serving underserved communities, particularly in Philadelphia. While acknowledging the evolution of its business model, Citadel acknowledges that its previous efforts did not sufficiently reach majority Black and Hispanic census tracts in the city.
The settlement represents a turning point for Citadel. It signifies a strong commitment to proactively engage with communities and create a more inclusive future for all. As part of this commitment, Citadel pledges to:
* Provide $6 million in mortgage loan subsidies over a 5-year period for majority Black and Hispanic census tracts in Philadelphia County.
* Allocate $270,000 towards focused marketing, advertising, consumer financial education, and outreach programs.
* Invest $250,000 in community development partnerships.
* Open 3 full-service branches in Philadelphia County within three years.
Brown emphasizes Citadel’s intention to embrace the responsibility that comes with its growth and live up to its promise of helping every community thrive. To demonstrate this commitment, the credit union is launching new programs and expanding existing ones to fulfill its promise to its members and communities.
Among the key initiatives announced by Citadel are:
* Strengthening its philanthropic legacy by appointing a Vice President dedicated to Philanthropy and Community Engagement.
* Expanding the Citadel Cares program, a purpose-built initiative focusing on:
* Financial Literacy: supporting financial education programs across its service area.
* Education: partnering with programs that prepare students for academic success.
* Community & Economic Development: strengthening economic vitality through programs that support homeownership, housing, veterans, women, and minority-owned businesses.
* Health & Wellness: partnering with organizations providing access to quality food and medical care for those in need.
* Appointing a Community Lending Officer to identify, develop, and build relationships with individuals and organizations in majority-Black and Hispanic census tracts, particularly in Philadelphia, with a focus on mortgage lending opportunities.
Citadel is committed to replicating its philanthropic efforts across Southeastern Pennsylvania, demonstrating its dedication to members and communities. The company is nearing the launch of a Citadel Home Help Program designed to provide affordable homeownership solutions for prospective buyers in low to moderate income (LMI) census tracts.
Under Brown’s leadership, Citadel’s Senior Leadership Team has been assembled and is aligned on the company’s priorities and future trajectory. Citadel Credit Union remains dedicated to upholding its values of Innovation, Opportunity, Connection, Transparency, Security, and Respect in all aspects of its operations.
Citadel is proud of its long-standing commitment to corporate responsibility. Through its history, Citadel has supported dozens of organizations with over $500,000 in donations and thousands of volunteer hours annually. The credit union regularly offers community seminars and other financial wellness opportunities across its footprint.
Nearly 25 years ago, Citadel established the Citadel Heart of Learning Awards program, honoring local teachers throughout its service area. Recently, the program surpassed a milestone of $500,000 granted to deserving educators. With a name that reflects its commitment to providing strength and support to its members, Citadel looks forward to expanding its membership and helping to build a brighter future for all.
Citadel Credit Union is a not-for-profit, member-owned financial institution that provides banking, investments, and insurance services to over 260,000 members. With $6 billion in assets, it is one of the Greater Philadelphia area’s largest credit unions, proudly serving residents of Bucks, Chester, Delaware, Lancaster, Montgomery, and Philadelphia counties. Citadel is recognized as a Newsweek and Plant-A Insights Group 2024 America’s Best Regional Banks and Credit Unions, 2023 Fortune Recommends Best Credit Union, Forbes 2022 Best-in-State Credit Union, and a certified 2024 Great Place to Work.
For more information, visit CitadelBanking.com.
