Annual Meeting and Membership Celebration
1st Bergen Federal Credit Union held its Annual Meeting and Membership Celebration on Tuesday, April 29, 2014, at Mount Olive Baptist Church, 260 Central Ave, Hackensack, NJ. The evening was a thank you to 1st Bergen’s members and a welcome to new members, with a buffet supper and music.
1st BERGEN FEDERAL CREDIT UNION PROVIDES FINANCIAL EDUCATION TO GIVE A
“MAN UP” IN THE WORLD OF FINANCE
1st Bergen Federal Credit Union is more than just a financial institution for saving and borrowing. This credit union helps people in all walks of life with the credit counseling and financial education to become asset savvy and independent.
1st Bergen is currently partnering with Mount Calvary Baptist Church to provide monthly banking with breakfast meetings for young men who had no prior banking experience. The goal of the “Man Up” program is to teach boys ages 11-17 how to become knowledgeable and responsible young adults. The financial education sessions highlight the how and why of savings. Debbie Nicholson, 1st Bergen Federal Credit Union’s financial education coordinator, helps the participants explore the components of savings and banking. Ten boys between the ages of 11 and 17 have already identified educational goals and have set up savings accounts in 1st Bergen Federal Credit Union where they make monthly deposits. The young bankers who successfully continue to save to attain their educational goals will receive a financial incentive from 1st Bergen FCU.
This program involves families and the credit union in helping young men learn to become financially accountable.
Rev. Vernon Walton, Pastor at Mount Calvary Baptist Church in Englewood, initiated the “Man Up” program. He says, “We want these young men to have a sense of accountability; to learn to be leaders.” The partnership with 1st Bergen Federal Credit Union reinforces that sense of accountability. (Recruitment for young men through schools, community organizations and churches began as a response to the Trayvon Martin shooting, which made national headlines early in 2012.)
Membership in 1st Bergen Federal Credit Union is open to those who live, work, worship, attend school or volunteer in Bergen County.
GREATER BERGEN COMMUNITY ACTION AND 1st BERGEN FEDERAL CREDIT UNION
ANNOUNCE THE FORMATION OF THE SAFER FUND
Greater Bergen Community Action (GBCA) and 1st Bergen Federal Credit Union (FCU) are establishing a SAFER fund (Sandy Aftermath Fund for Economic Recovery) to help individuals, families, and small businesses in Bergen County who were severely impacted by Sandy. Bergen County, New Jersey, the state’s most populous county, was one of those hardest hit by Sandy’s wrath.
We are asking Community Action Agencies (over 1,100 organizations) from across the nation to assist in raising funds in their local communities to support the SAFER fund. We are also asking the citizens of Bergen County to match this important effort that will help friends and neighbors in our community get through this critical time. Checks can be made payable to the SAFER FUND and mailed to GBCA, 241 Moore Street, Hackensack, NJ 07601. For additional information, call 201-968-0200, Ext. 7005 or 7016).
Additionally, 1st Bergen FCU is assisting individuals, families and small businesses with low-interest loans. For additional information, contact 1st Bergen FCU, 201-968-0202, or stop in at 241 Moore Street, Hackensack, NJ.
Credit unions exist to promote the financial well-being of their members, including those of modest means, through a system that is cooperative, member-owned, volunteer-directed and not-for-profit (enabling the offering of higher interest rates on deposits and lower interest rates on loans). All credit unions have in common a limited field of membership. 1st Bergen’s field of membership is open to persons who live, work, worship, volunteer, attend school or conduct business in Bergen County, New Jersey.
Dr. DeGiulio noted, “This significant accomplishment was the result of exhaustive research and planning efforts coupled with essential support from public agencies, banks, faith-based organizations, and private entities. Our distinguished Board and several key staff members have been working assiduously for the past 2 ½ years to reach this point, and we are all pleased that we may now launch this important new enterprise.”
The credit union is expected to open for business in mid-March. It will be centrally located in Hackensack, at the corner of Main and Salem Streets, and will serve the banking needs of individuals and businesses throughout Bergen County. The credit union will provide safe and secure banking services—saving, borrowing and financial literacy—for all its members. Financial literacy services will be especially important for people who may have had poor or no prior banking experiences. Each member’s shares in 1st Bergen will be federally insured up to $250,000 and backed by the full faith and credit of the U.S. Government.
Bergen County Executive Dennis McNerney said, “1st Bergen Federal Credit Union will create new opportunities for economic growth for residents, including the unbanked, businesses, and others in our county. This federally-regulated institution has been designed to instill confidence for those saving and borrowing.”
Founding this credit union is in keeping with new strategies to help people address current economic concerns in a prudent manner.
Robert Halsch, Treasurer of 1st Bergen and Executive Director of Greater Bergen Community Action, Inc. (GBCA) said, “We urge everyone to become part of this landmark effort to meet the financial needs of people at all economic levels. During these harsh economic times, our agency stepped forward in working to establish a federal credit union and to implement other significant asset development initiatives. In one small but significant way, this direction is very much in keeping with President Obama’s promise for a better day for all Americans.”
GBCA is the sponsoring organization of 1 Bergen FCU and has been Bergen County’s designated anti-poverty agency since 1967. Starting a credit union is in keeping with GBCA’s mission to help make a difference in people’s lives by offering them new and enhanced economic opportunities.
For additional information, please contact: Joan Freling (201-968-0202), GBCA, 241 Moore
Street, Hackensack, NJ 07601.