Last week, I had the pleasure of stopping by Nikkei Credit Union in Gardena. Originally founded in November 8th, 1951, they have been at the 18425 S. Western Avenue location since 1999. I met with their Business Development office Fred Docdocil. A very polite and respectful gentleman who introduced me to Taku Hanada, the Loan & Business Development Coordinator, and some of their equally polite staff. Fred was nice enough to reach out to me via email and ask if I could help get the good word of their credit union out.
Nikkei Credit Union is a financial institution that’s been around for over 60 years. Their first location was at Dalton Street in the city of Gardena. Originally their main purpose was to help serve the Japanese and Japanese American communities in the South Bay. At this time, Japanese Americans were being discriminated against for jobs, loans, and other things. Banks would not lend money to Japanese Americans, so 12 people got together and formed what was then known as the Gardena Valley Japanese Credit Union because gardening was the main career for most of the Japanese in the area. At that point the Credit Union started to loan money to other members of their community. This credit union was born out of a need – it helped bring munch needed resources to the local community, and helped them assimilate and capture the American dream.
The Nikkei Credit Union now has over $65 Million Dollars in assets. Most of their members are long term, the oldest current member having opened their account in the early 1950’s. With a dozen employees and about 5,000 members, they are poised for expansion and long term growth. As a matter of fact, they are looking forward to opening another branch in Carson later this year.
They took the time to explain to me the differences between a bank and their credit union. While similar in many respects, credit unions tend to be hyper local – organized within and directly supporting the local community. One of the main selling points for credit unions is that the members ultimately are the customer while also having the power to vote on policies. Nikkei is very involved compared to other credit unions, knowing that their decisions impact the shareholders / members individually and the credit union itself as a whole. Much of the savings ultimately go back to the members themselves, which translates to lower loan rates and higher dividends.
Benefits of a Credit Union over a Traditional Bank:
- Not-for-profit; YOU as a member are the focus.
- C.U.’s are State / Federally regulated and insured.
- Higher share dividends and lower loan rates.
- Hyper-local; actively supports the local community.
- Voting capacity at annual membership meeting.
Nikkei believes that the diversity of the South Bay community is an amazing asset. Each segment of the community has something different and wonderful to offer.
One of their specialty loans is called a HELOC loan, which stands for home equity line of credit. With this loan, you can use your home as a collateral and borrow against what you already own. For this and other questions, please don’t hesitate to contact them directly.
Nikkei Credit Union
18425 S. Western Avenue, 2nd Floor
Gardena, CA 90248
310-324-1544