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Press Release:
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 Bergen County Community Action Partnership, Inc. (BCCAP) 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.”
BCCAP 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 BCCAP’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), BCCAP, 241 Moore
Street, Hackensack, NJ 07601.