The $125 million First Jersey Credit Union of Wayne, N.J., has broken a regulatory barrier on FOM expansion for state charters.
Calling its approval by the state of a four-county FOM expansion a significant breakthrough, the Passaic County credit union said it can now triple its potential membership base to 1.5 million as a result of the action by the New Jersey Department of Banking and Insurance.
Under the ruling granted on an application filed last January, First Jersey can expand into four northern New Jersey counties: Bergen, Essex, Hudson and Union. First Jersey currently has 8,700 members.
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