NEW YORK (5/14/15)--The first credit union chartered to serve law enforcement personnel in New York City--and the first credit union charter of 2015--opened for business Wednesday.
The Finest FCU, held a ribbon-cutting ceremony with a list of guests that included National Credit Union Administration Chair Debbie Matz, New York Credit Union Association President/CEO William Mellin and New York Police Detective Steven McDonald, the credit union’s first member. McDonald was shot in 1986 and remains the most seriously injured NYPD member to survive his injury.
Added Mellin: The association was honored to participate in the grand opening ceremony for The Finest FCU and we look forward to providing the credit union with the support they need to best serve their members."
The credit union's headquarters will be located in Manhattan. The Finest FCU will share branches with $95 million-asset Greater Metro FCU, with locations in Long Island City and New York City.
The Finest FCU also received a low-income credit union designation, which allows the credit union to accept non-member deposits, obtain grants and loans from the Community Development Revolving Loan Fund, offer secondary capital accounts and qualify for certain exemptions from statutory limits on member business lending.
According to the NCUA, The Finest FCU is being supported by the New York Police Department and received its initial capital from AmTrust Financial Services, Inc., an $11.3 billion entity providing property and casualty insurance to small businesses.
CUNA was able to join in for some local ground-breaking action this week right outside of Washington, D.C.
On Tuesday, CUNA Chief of staff/Chief Operating Officer Rich Meade participated in ceremonies held by Belvoir FCU. Based in Woodbridge, Va., Belvoir was launching a new site for members on Fort Belvoir, in Virginia.