ALEXANDRIA, Va. (2/19/15)--The first new federal credit union charter of 2015 is The Finest FCU of New York City, the National Credit Union Administration announced Wednesday. The Finest FCU will serve the 74,530 employees of federal, state, county and municipal agencies or departments engaged in police protection in New York City.
"A credit union charter is a very precious thing, and we're delighted to welcome the new credit union serving New York's finest into the credit union movement," said CUNA President/CEO Jim Nussle Wednesday. "We look forward to serving The Finest Federal Credit Union in collaboration with the New York Credit Union Association (NYCUA)."
The Finest FCU represents the 13th new federal credit union since 2011, and according to the NCUA, the credit union is the first new federal charter in the state of New York since 2009.
"The New York Credit Union Association is looking forward to working with Finest Federal Credit Union to bring the credit union difference to their members," said Ronald McLean, senior vice president of credit union relations for the NYCUA. "The Association has many valuable resources and services that will help the credit union move forward and best serve their membership. It's an exciting day when a new credit union is chartered."
The credit union's headquarters will be located in Manhattan, and it expects to hold a grand opening in May. 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.