Tuesday, November 29, 2011 10:46:00 AM
WAYNE, N.J. – First Jersey Credit Union, headquartered in Wayne, New Jersey, announced that it has received approval from the NJ Department of Banking and Insurance to expand its charter.
Noting the significance of this approval, First Jersey 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.”
In addition, Davis continued, the expanded charter will allow First Jersey to offer its financial services to a customer base of approximately 1.5 million potential new members. Currently, its membership includes 8,653 individuals. He noted that First Jersey’s current deposit rates are higher and its loan rates are lower than nearly every other financial institution in their market area.
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.