The first new credit union charter of 2015 is also the first credit union ever chartered to serve law enforcement personnel in New York City. Its name reflects its field of membership.
The doors will officially open at 11 a.m. today for The Finest Federal Credit Union, chartered to serve New York City's law enforcement community. The event coincides with the 170th anniversary of the New York Police Department, better known as the NYPD.
According to the NCUA, the Finest FCU received its initial capital from AmTrust Financial Services Inc., an $11.3 billion company that provides small businesses with property and casualty insurance.
“The law enforcement community serves and protects our citizens every day, and now The Finest Federal Credit Union will serve and protect the financial needs of law enforcement,” Board Chairman and retired NYPD Chief James Shea said.
Invited guests to the Wednesday ribbon-cutting include New York City Mayor Bill de Blasio, NCUA Chairman Debbie Matz and NYPD Detective Steven McDonald, who was shot on July 12, 1986, and remains the most seriously injured NYPD member to survive his injuries. McDonald also is the credit union's first member.
The credit union, headquartered at 59 Maiden Ln. in Manhattan, will offer special services geared toward police officers' needs. Those services include special loans for new recruits to finance police equipment and uniforms, loans for small businesses that may be part of an officer's retirement planning, and overall financial planning services geared toward officers from the time they enter the academy through retirement.
“Our members will deal with real people who understand the personal and financial burdens that come with our job,” credit union board member and president of the New York City Correction Officer's Benevolent Association Norman Seabrook said. “It is long overdue and something we are proud to be a part of.”
The last U.S. credit union to be chartered was Lutheran Federal Credit Union, a part of the $1.8 Lutheran Church Extension Fund, in St. Louis, Mo. on Dec. 23, 2014, according to NCUA resources. It was one of three new credit unions chartered last year.
The last credit union to be chartered in New York State was the East River Alliance Development Federal Credit Union in Long Island City in 2009. It has since become Urban Upbound Federal Credit Union, which posted $745,215 in assets at year-end 2014.
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