HIGHTSTOWN, N.J. – A special feature story titled “A Rising Tide” in this month’s New Jersey Business Magazine highlights how New Jersey credit unions are steadily increasing in size and scope as they offer services for both consumers and businesses.
The article points out that many credit union leaders cite consumer’s anger towards banks and growing awareness of credit unions as the reason behind their growth, but credit unions are still sticking to their roots. XCEL FCU Linda McFadden, President/CEO, told the magazine, “Our catalyst has been to help the individual person. We want to help them in the good times; we want to help them in the bad times…That’s our sole purpose: people helping people.”
The article goes on to point out that credit unions are expanding their reach even further and becoming more competitive in the industry with their involvement in the shared branching network, the fourth largest in the country. NJCUL President/CEO Paul Gentile in the article explains that credit union members can go to another credit union that’s in a faraway location but is on the shared branching network and do their banking just as they would if they were at their credit union’s branch.
Credit unions in the state also offer an array of products and services for businesses, including online cash management, remote deposit capture, merchant services, and much more, says the article.
Gentile told the magazine that he believes credit union growth in the state will continue to increase. Getting the word out about credit unions is a top priority for the New Jersey Credit Union League, but “you can’t just educate a state on what credit unions are in one or two years—it takes time,” Gentile explains.