A new credit union could still take root in Harrisburg; the process is just taking a lot longer than its founders expected.
The proposed Tenants and Landlords Community Federal Credit Union is still waiting for state and federal approvals before it can open for business, said Robert Pauletta Jr., the institution’s senior loan officer and manager.
The credit union, planned for the first floor of the COBA Apartments building at 1224 N. Third St., would be the only financial institution based in Harrisburg.
Tenants and Landlords’ founders announced their plans in early 2016, saying they hoped to open by June. But by July, they had pushed back that expected opening to late summer or early fall.
That date also came and passed as the board waded through the approval process with the National Credit Union Association and state Department of Banking.
Pauletta is waiting until the credit union receives those OKs before he sets a new date.
“It’s been a struggle, but we finally got our organizers and directors approved,” he said.
Those directors include Daniel Deitchman of Brickbox Development as chairman of the board, Mark Hall of abc27 as president and Daniel Ryan of Information Network Associates as treasurer, according to Tenants and Landlords’ website.
Deitchman also owns the COBA Apartments building where Tenants and Landlords plans to do business.
The group has raised about $100,000 so far, close to the goal Pauletta proposed last February, and it plans to continue trying to raise “as much as possible,” he said.
They also have about $412,000 in expected deposits.
“I think once we get our charter approval, we can really put an effort to go forward and do more fundraising,” Pauletta said.
Until then, residents of the capital city will still have to do business with banks and credit unions headquartered elsewhere. Harrisburg has not had a city-based financial institution since 2014, when Pennsylvania State Employees Credit Union moved to Susquehanna Township.
Tenants and Landlords plans to market itself toward low-income residents, but anyone who lives, works or worships in Harrisburg will be eligible to join, Pauletta said last year.