[Press Release: Dallas Gay Alliance Forms Credit Union] Page: 1 of 4
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FOR IMMEDIATE RELEASE: November 9, 1988
DALLAS GAY ALLIANCE
FORMS CREDIT UNION
The Dallas Gay Alliance announced today it has formed a credit union to serve its
membership and the gay community in Dallas. Believed to be the nation's first
credit union serving the gay community, it has a potential membership of 80,000
persons (estimated number of gay men and women living in the Dallas metropolitan
area), according to William W. Waybourn, president of the Dallas Gay Alliance and
chairman of the new Dallas Gay Alliance Credit Union.
The facility will utilize space inside the DGA's Gay Community Center storefront
location at 3920 Cedar Springs, in the heart of Dallas' gay district.
Membership in the Dallas Gay Alliance is a prerequisite for joining the credit
union; there is a $10 fee to become a credit union member, plus a minimum $5
deposit in a share savings account. After concentrating for the first year on building
the deposit base, the credit union hopes to add checking accounts and credit cards,
DGA officials concluded nine months of paperwork to obtain official approval,
which was received from the State of Texas and local, state and national credit
union organizations. The charter was signed on October 31, 1988.
The Dallas Gay Alliance, one of the nation's largest community-based gay
organizations, also operates the AIDS Resource Center, the Gay Community
Center and an AIDS food bank that serves 300 households on a monthly basis. The
DGA also delivers free aerosolized pentamidine treatments as a preventative for
pneumocystis pneumonia, the most common killer of AIDS patients. In December,
the DGA in conjunction with the Dallas Bar Association, the Texas Bar Foundation
and the SMU School of Law will open the country's third AIDS Legal Clinic.
Five members of the DGA'S 10-member board will serve as the credit union
board for the first year. The credit union will be run by DGA personnel and
Deposits are insured to $100,000 by the Texas Share Guaranty Credit Union, a
cooperative depository insurer, and the credit union is chartered by the Texas Credit
Union Commission, a state government regulatory agency.
The Dalls Gay Alliance is the newest member of the Texas Credit Union League,
Dallas-based trade association for the state's 1,050 credit unions, which offers
training and assistance in numerous areas. "The League's level of expertise will help
us grow faster," Waybourn said. League dues also include membership in the Credit
Union National Association.
P. O. BOX 190712/DALLAS, TEXAS 75219/(214) 528-4233
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Dallas Gay Alliance. [Press Release: Dallas Gay Alliance Forms Credit Union], text, November 9, 1988; (https://digital.library.unt.edu/ark:/67531/metadc804590/m1/1/: accessed May 24, 2019), University of North Texas Libraries, Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Special Collections.