The Banking Industry Looks to Millennials for New Leadership to Lend Millions for New Homeownership Programs in Minority Communities
According to a recent February 28, 2019 Washington Post article, “over the past decade, the real estate fortunes for African Americans have reversed course. Despite a strengthening economy, including record low unemployment and higher wages for black workers, homeownership levels for that group have dropped incrementally almost every year since 2004. [Thus falling] to 43 percent in 2017, virtually erasing all of the gains made since the passage of the Fair Housing Act in 1968, land-mark legislation outlawing housing discrimination.”
C. O. Federal Credit Union of Charleston, SC now has a vision to help to change these numbers in a positive direction.
In 1966, Esau Jenkins a community business leader, and a small group of others started C O Federal Credit Union to provide low-income residents of Johns Island and a segment of the Charleston community with broader access to financial products and services.
In 2018 Board Chairman Robert Smalls and the board of directors looked to millennials to lead to way through this 21st century by hiring the at that time 38-year-old Perrin Middleton as CEO of the credit union.
Smalls stated “It’s time for change and we must look to the future to meet the needs of our growing customer concerns. The credit union has undergone major transformation under the leadership of Mr. Middleton by adding new services that would help to provide it customers with new financial tools for its growing customer base.
In March of 2019 Middleton signed a deal for it newly formed and wholly owned mortgage company, Westminster Mortgage of America, LLC. The mortgage division will provide mortgage loans for both residential and commercial loans to help fill the gap in mortgage lending arena.
In May of this year Mr. Middleton chose 31-year-old Joshua Terry to serve as manager of the Charleston office to help in this new venture. Middleton said, “Change has come, I am confident that with our growing staff that we will help to transform the City of Charleston and other cities across the nation”.
The mortgage division will provide FHA, VA, USDA, and Non-Conforming loan products, along with commercial lending to serve the needs of it’s growing communities. Terry stated, “It is an honor to sever C O Federal Credit Union and Charleston community”. Terry comes from family with over 50 years of mortgage, real estate and construction experience.