Citing what the industry calls "a significant breakthrough" on field of membership expansion, the New Jersey Department of Banking and Insurance has cleared the way for the $125 million First Jersey Credit Union of Wayne to extend its footprint into four new counties and triple its potential member base.
"We are gratified that the department has approved the application which we filed last January," said Christopher Davis, president/CEO of the 8.700-member Passaic County credit union.
The authority granted on Nov. 21 allows First Jersey CU to expand into four northern New Jersey counties: Bergen, Essex, Hudson, and Union. They have a combined population of 1.5 million people and are considered part of metro New York.
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