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Banking on Diversity: How This Local Credit Union Is Rewriting Community Finance

A grassroots approach to financial education and community engagement sets Pasadena Federal Credit Union apart

Published on Wednesday, December 25, 2024 | 2:27 pm
 

In an age where corporate diversity initiatives often amount to little more than statistical targets, Pasadena Federal Credit Union’s Chief Executive Officer James Chang is orchestrating a different approach: building a financial institution that authentically mirrors and serves the vibrant mosaic of San Gabriel Valley communities and, in the process, creates authentic financial services.

“Our Board is very diverse, not only in terms of race but also gender,” Chang explains. “We truly want to represent our communities in the San Gabriel Valley.”

For Chang, diversity isn’t just about representation—it’s about leveraging varied perspectives to serve community needs better.

He points to recent Board appointee Lillian Gaviña Glascott, whose family-owned business, Gaviña Gourmet Coffee, employs over 2,000 people.

“[She] knows the challenges that her employees have. Those insights are really valuable to us. When we reach out to these employees as part of our community, we have better insight into what they’re looking for,” Chang said.

This approach extends beyond the Boardroom.

“We partner really closely with John Muir High School. We have a branch there. We do a lot of mentoring with the students at the business program there,” Chang shares.

During a recent experience as “principal for a day” at Marshall High School, Chang was impressed when “they were telling me about programs that work with female students about learning about investing in Wall Street stock markets.”

The Credit Union has also partnered with LIFT-LA, a nonprofit organization that provides financial education and entrepreneurial training.

“We were introduced to this nonprofit organization and we were so enamored with what they were doing. Now we’re connected with them. We’re part of that educational process. We do financial literacy, but also we’re going to be connected with the entrepreneur program as a financial institution, we want to be that resource for them.”

Pasadena Federal Credit Union also prioritizes accessibility across languages.

“We have been working on advertisements as well as websites to be translatable to Spanish, making sure we have bilingual staff members who can communicate in Spanish. We want to be available for the needs that they have,” Chang explained. “So for us, it’s very important that if we’re going to reach out to this community, then we have to be available on their terms.”

The commitment to diverse perspectives extends throughout the organization.

Chang highlights another individual who serves on his Board of Directors who brings a fresh perspective to the financial institution: a young Black woman by the name of Korbin Law who actively volunteers with a nonprofit organization dedicated to improving literacy by supporting students in public schools.

“We’re excited to collaborate with her nonprofit organization to support their important work,” Chang said.

“We have a lot of volunteers,” Chang said admiringly. “We allow our employees to volunteer in our communities and this, too, is a way that we can give back.”

For Chang, this community-centered approach isn’t just a business strategy—it’s a calling.

“We’re not here to just earn a living,” he reflects. “I consider myself not only leader of the Credit Union, but also leader within the community as well.”

This philosophy shapes Pasadena Federal Credit Union’s hiring practices.

“The number one thing that we hire is values,” Chang notes. “Skills can be learned, but it is very important that their values align with their organizational values. That’s what we’re looking for because it’s really important to us.”

“It’s not easy to go out into the community and say, this is really important to us and preach that when it is not genuine.”

Looking ahead, Chang envisions continued growth.

“In 2025, we have a huge initiative to continue to expand what we do, and that is exciting to me. I know that we’re going to have a lot more initiatives that will have a deeper impact.”

Having recently completed a merger that grew Pasadena Federal Credit Union’s assets to $444 million and their membership to 25,600, the credit union seems well-positioned to fulfill these ambitions.

For more about Pasadena Federal Credit Union, visit https://www.pfcu.org/

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