The NCUA announced Wednesday that the Finest Federal Credit Union in New York is the first new federally-chartered credit union of the year.
The cooperative is also the first new federal charter in the state of New York since 2009, according to the NCUA.
Finest FCU, which will be headquartered in Manhattan, was granted a charter to serve the 74,530 employees of federal, state, county and municipal agencies or departments engaged in police protection in the city of New York.
The credit union plans to share branches with the $92 million Greater Metro Federal Credit Union in Long Island City, N.Y.
According to the NCUA, the New York Police Department is supporting the institution, which received its initial capital from AmTrust Financial Services Inc., an $11.3 billion company that provides small businesses with property and casualty insurance.
"It's always satisfying to see a new credit union launched, and I'm sure the future members of The Finest Federal Credit Union will appreciate the access to affordable financial services," NCUA Board Chairman Debbie Matz said. "I commend everyone who helped organize this credit union and brought it through the chartering process."
The NCUA said Finest FCU received a low-income credit union designation, which allows it to accept non-member deposits, offer secondary capital accounts, obtain grants and loans from the Community Development Revolving Loan Fund, and qualify for certain exemptions from member business lending statutory limits.
The credit union is scheduled to hold a grand opening in May.
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