The organizing committee for forming a proposed Whidbey Island community federal credit union will host a meeting next week to give an update on its progress.

The meeting is 7 p.m. Wednesday, Oct. 12 at the Freeland Library.

The eight-member committee has been meeting once a week, every week since March, to prepare a charter application with the National Credit Union Administration.

The application is near completion, and organizers said the final step is to gather letters of commitment for $200,000 in donated capital from the community’s philanthropic community. This amount of donated capital is a requirement in order to obtain the charter, and ensures the chartering agency that the newly-chartered credit union will be able to open for business and sustain itself in its first three years of operation.

The meeting will also include information on the responsibilities of the board of directors, the credit committee and the supervisory committee; who will manage the credit union; and where the office will be located.

Organizers are also hoping people who have offered in the past to serve as a credit union volunteer will step forward and help with the next steps in the process.

For those who can’t make it to the meeting, contact Beverly Rose at bubbybev@whidbey.com or 331-1110 to indicate your interest and commitment.