Bethex Federal Credit Union

Description

Bethex Federal Credit Union was organized in 1970 by Joy Cousminer, currently the President and CEO, together with the “welfare mothers” who comprised her Adult Basic Education Class. It was in response to the women rushing off to the pawnshop or the loan shark to solve their cash emergencies.In the beginning, before the days of seed money and grants, the credit union was operated by volunteers, as the founding members saved their nickels and dimes in true grass roots fashion. Once they had sufficient capital they began to make small loans. Sometimes there was not enough money to meet the borrowers’ needs, and a waiting list was set up. The returns were invested in the membership and the community again and again over the years and were the foundation of what Bethex is today.Now Bethex is a respected financial institution with just under $9,000,000 and serves over 10,000 members. Its lending pool is enlarged by low- to no-interest non-member deposits from banks and foundations. A wide range of financial services is available to the members from two full service branches – the Main Branch at Mt. Hope and the Mott Haven Branch in the Bronx Empowerment Zone.

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