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Congressman Brad Sherman

Representing the 30th District of CALIFORNIA

Pacoima Credit Union Opens Lake View Terrace Branch


Feb 25, 2006
Press Release

Washington, D.C. - Congressman Brad Sherman on Saturday helped mark the opening of a Lake View Terrace branch of the Pacoima Development Federal Credit Union.

The congressman joined Los Angeles City Councilman Alex Padilla and leaders of the Valley Economic Development Center at an open house.  A member of the U.S. House Financial Services Committee, Sherman helped the credit union obtain its charter to serve the northeastern San Fernando Valley. 

œThe people of Pacoima and Lake View Terrace and the surrounding area deserve fair and reliable financial services, Sherman said. œI welcome the opening of the Lake View Terrace branch of an institution that is making a difference in the lives of Valley residents.

With 130 members and more than $2 million in deposits, the credit union offers financial services to more than 200,000 residents in the northeastern San Fernando Valley, where predatory lenders once preyed on consumers. 

Before the credit union opened, financial services in the community were very limited.  Area residents, including more than 18,000 people in Lake View Terrace, were forced to drive to financial institutions in Sylmar, Sunland or Sun Valley for basic banking transactions.

Membership in the credit union is open to anyone who lives, works, runs a business, attends school, or worships in the region.  A wide array of financial services is provided by the credit union, including car loans, savings accounts, certificates of deposit, money orders, cashier checks, direct deposit, free check cashing and wire transfers.

The credit unions main office is still under construction.  A grand opening is expected later this year.