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Kneading 'The Finest' Dough: A New Way of Starting a Credit Union from Scratch

Three years ago when New York Police Department Deputy Inspector Paul McCormack and Retired Sargent Kevin Madden traveled with their Gaelic Football club to play the Dublin Guards, they did not imagine they would come back with the mission to establish a credit union.

By Sarah Snell Cooke | Updated on November 20, 2007

NEW YORK and WASHINGTON — Three years ago when New York Police Department Deputy Inspector Paul McCormack and Retired Sargent Kevin Madden traveled with their Gaelic Football club to play the Dublin Guards, they did not imagine they would come back with the mission to establish a credit union.

St. Raphael’s Credit Union backed the competition and the whole experience “really opened our eyes and got the ball rolling,” McCormack said. The duo and a handful of other volunteers researched other police credit unions in the United States and, in New York, there were not any credit unions offering products specifically tailored to meet the unique needs of law enforcement and their families. “We really want to gear something very distinctly toward NYPD and other law enforcement and their families,” McCormack explained. The Finest’s TIP–trade, industry, or profession–charter has a potential field of membership of 100,000 within the five boroughs of New York City.

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