Nutter to dedicate $2.7 million State of the Art Branch for
American Heritage Federal Credit Union in Hunting Park 

Philadelphia, PA – Philadelphia Mayoral candidate Michael Nutter will be on hand Tuesday, January 30 at 3 p.m. to help dedicate American Heritage Federal Credit Union’s new Hunting Park Branch. Allegheny West Community leaders and representatives from the U.S. Government’s National Credit Union Administration will also be on hand.

When American Heritage Federal Credit Union opened its new $2.7 million state-of-the-art branch in the Hunting Park area of Philadelphia November 27, it signaled a commitment to the low-income communities banks abandoned long ago.

The Hunting Park branch features a new state-of-the-art Video Teller System to meet transaction needs with less waiting time in a safe and secure environment.  The Video Teller System allows members to interact personally with a teller via an interactive video camera and use a pneumatic tube system to exchange cash and documents. Other features include an internet café, free coin counting machine and a surcharge-free ATM inside the branch to meet area resident’s quick cash needs during business hours.

Because of its member-owned, not-for-profit structure, the $570 million credit union offers all of its members lower rates on loans, higher rates on share deposits and lower service fees than banks. But CEO Bruce K. Foulke and the credit union’s Board of Directors recognized the additional needs of the low-income community and, in 2005, sought and received authority from the U.S. Government’s National Credit Union Administration (NCUA) to offer membership to anyone who lives, works, worships or goes to school in Philadelphia, whose low-income communities were designated by NCUA as “under-served” by banks and other “for-profit” financial institutions.

“It’s win-win for everyone involved,” explains Foulke about the opening of the new facility, “…for the credit union, for members and for the community. We’re not driven by profit. We’ve always been there for the little guy. We’re not turning our back on a community other financial institutions turned their back on. We have been in this community for 59 years.”

The new branch, at 2620 West Hunting Park Avenue, replaces American Heritage’s branch a quarter mile north that the credit union first used in its days as Budd Workers Federal Credit Union, founded in 1948.  From this single branch and 4,500 members and $5 million in assets in 1980, the credit union has grown to serve over 700 companies and 85,000 members with 17 branches in Philadelphia, Bucks and Montgomery Counties.

The new branch will be open Monday through Friday, 8 a.m. to 5 p.m. and Saturdays 9 a.m. to 3 p.m.

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 Thank you,

Megan Luchsinger

Marketing Specialist

American Heritage FCU

215-969-0777 ext. 2997

215-969-2955 (fax)

www.amhfcu.org

Last Updated: April 17, 2007