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FJCU Receives State Approval To Expand Its Charter
The Department of Banking and Insurance regulates the banking, insurance and real estate industries to protect and educate consumers and promotes growth, financial stability and efficiency of those industries.
Noting the significance of this approval, CEO Christopher Davis explained, “This approval is a very exciting step for First Jersey. Currently, our area of membership includes anyone who lives, works, worships or attends school in Passaic county. We are now permitted to expand our field of membership to include Bergen, Essex, Hudson and Union counties. As individuals in those counties become new members, we will be able to offer credit union membership to their family members, as well.”
First Jersey’s approval is the first State Charter expansion granted in the past 5 years. Currently, First Jersey Credit Union holds over $124 million in assets, which are federally insured by the National Credit Union Administration (NCUA).
In addition, Davis continued, the expanded charter will allow First
Jersey to offer their financial services to a customer base of approximately
1.5 million potential new members. Currently, their membership includes
8,653 individuals. He noted that First Jersey’s current deposit
rates are higher and their loan rates are lower than nearly every other
financial institution in their market area.
