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National Federation of Community Development Credit Unions

First Legacy
First Legacy

First Legacy was founded in 1941. From humble beginnings, offering simple savings and loan programs, the credit union now offers its 6,880 low- and moderate-income members a broad range of financial products and services. The Federation’s CDCU Mortgage Center has purchased 12 mortgages from First Legacy, totaling $1.73 million.

One member story exemplifies how First Legacy’s approach can generate a successful financial outcome. A member of First Legacy since 1993 had worked as a teacher for more than 15 years. When her father became terminally ill in 2008 she was forced to use the money from her own mortgage payments for upkeep of her father’s home. As she became delinquent on her mortgage, the mortgage provider refused to speak with her.

In 2008, she came to First Legacy Community CU. First Legacy’s staff realized she did not have her financial affairs in order and needed counseling on basic money management. After several sessions she began to write a budget and rework her debts.

Within weeks, the credit union helped her locate a home she could afford. She did so with an innovative loan product that the credit union offers to members whose homes have been foreclosed upon, but who have stable and dependable income. First Legacy helped her to keep a roof over her head and to have peace of mind while dealing with her father’s final days.

Since that time, the member moved all her accounts to First Legacy.

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