Altum Group announces credit union expansion plan in Palm Springs

A new credit union is set to break ground in Palm Springs, marking a significant expansion for the Altum Group into the Inland Empire. During the City Council meeting on May 28, 2025, Rich Malakoff, representing the Altum Group, addressed concerns about the necessity of a new financial institution in a market already populated with credit unions and banks. He emphasized that this facility will serve a unique membership-based model, distinct from traditional banks like Bank of America and Wells Fargo.

Malakoff expressed gratitude for the opportunity to establish a presence in Palm Springs, noting the credit union's existing offices in El Centro and Indio, as well as plans for a new location in Cathedral City. He reassured council members that the project had received clearance from the FAA, confirming compliance with regulations concerning the nearby flight path.

Council members voiced their support for the project, highlighting its potential to enhance the local economy and improve access to financial services for residents. One council member pointed out the importance of considering surrounding developments, particularly in relation to the airport modernization project, which aims to improve the overall experience for travelers in the area.

The council unanimously moved to adopt the staff recommendation, including a mitigated negative declaration and a zoning change necessary for the project to proceed. This decision signals a positive step towards revitalizing the area and meeting the financial needs of the community.