Building Roots in the Bronx: The Evolution from Mobile to Physical Branch

The Bronx People’s Federal Credit Union is a branch of the Lower East Side People’s Federal Credit Union, dedicated to serving Bronx residents, along with new members joining through our Select Partner Group program referrals.

The Lower East Side People’s Federal Credit Union emerged from the activism of the 1980s, a time when the neighborhood faced severe challenges like rising crime, the crack epidemic, and widespread disinvestment. When the last bank branch in the area, owned by Manufacturer Hanover Bank, announced its closure, community activists rallied to keep banking services in the neighborhood. Leveraging the Community Reinvestment Act, they converted the bank into a credit union, establishing the Lower East Side People’s Federal Credit Union. 

Building on our expansions into Staten Island and Harlem, in 2021, we began exploring the possibility of extending our services to the Bronx. We connected with several Bronx coalitions working on various initiatives, and by the end of the year, we partnered with one group, which later formed The Bronx Financial Access Coalition (BxFAC). Together, we determined that partnering with an existing credit union would be the most cost-effective approach. In March 2022, BxFAC and LES People’s FCU formalized this partnership and secured initial funding. 

Since then, we have deployed our People’s Mobile Branch multiple times a year, bringing affordable financial services directly to our members and partners in the Bronx. We are proud to currently serve over 2,000 members in the Bronx, and through partnerships, we aim to serve many more. As we continue to grow, our mobile branch is allowing us to reach even more partner groups, expand our outreach efforts, and strengthen our connection to the community. 

With the upcoming opening of our physical Bronx People’s branch at 941 Interval Avenue, we are entering a new chapter in our commitment to providing affordable financial services to the Bronx community. This branch will offer a range of services, including account openings, loan intakes, instant debit card issuance, ITIN application assistance, business loan Interviews, and 24-hour ATM access for deposits and withdrawals. Initially, we will focus on member services to provide a personalized connection, with access to funds available exclusively through ATMs, as there will be no tellers on site. 

We are excited to have reached this milestone, and we call on community-based organizations and other coalitions to join us in making this branch a community success. 

As our new branch undergoes renovation, we will continue deploying our People’s Mobile Branch at various locations in the Bronx. Please check our upcoming Mobile Branch days here.

If you are a community-based organization, business, association, or cooperative interested in joining our Select Partner Group program, please contact us at connect@lespfcu.org. 

Stay tuned for more updates and the new branch launch!