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Gateway CU chartered in Alabama

The state of Alabama has a new credit union. Gateway CU, headquarters in Montgomery, is the first new credit union in Alabama since 2007 and the second in the state in the past 11 years. Gateway also comes in as a low-income designated credit union. The NCUA approved the credit union's charter and federal insurance up to $250,000.

The credit union will not officially begin operations until December of 2012. Once it opens, it will offer regular shares, unsecured loans, short-term consumer loans, share secured loans, and auto loans. You can read more from the NCUA's website.