First Entertainment Credit Union is helping entertainment workers rebuild financial strength after historic strike
First Entertainment provided seven million dollars in vital financial solutions along with meals for entertainment industry professionals to assist them with their daily needs during the nearly 200-day strike
HOLLYWOOD, CA (December 19, 2023) — With the recent conclusion of the Writers Guild of America (WGA) and The Screen Actors Guild and American Federation of Television and Radio Artists (SAG-AFTRA) strikes, First Entertainment Credit Union, the premiere financial partner to creators and workers of the entertainment industry, recognizes the resiliency of the creative professional community. The credit union has been a major source of support for its members, offering financial solutions during uncertain economic times.
“As the entertainment industry makes its return, First Entertainment remains committed to our mission of providing financial solutions to the creative community,” said Stephen Owen, President and Chief Executive Officer of First Entertainment Credit Union. “We have always tailored our products and services specifically to meet the needs of the entertainment industry, it’s why this community trusts us. We take pride in prioritizing the necessary resources to make certain our members achieve their financial goals.”
During the strike, First Entertainment Credit Union was actively involved in assisting members by:
- Funding $1,000,000 in emergency loans, loan deferments, fee waivers and reversals per month during the strike to help members overcome temporary monetary constraints.
- Welcoming nearly 200 new members who joined First Entertainment seeking financial aid and guidance during the strike.
- Handing out hundreds of bags to-date stuffed with food to members during the holiday season. First Entertainment team members have donated more than 2,000 non-perishable items.
The WGA and SAG-AFTRA strikes represented a major disruption to the entertainment industry, threatening those who work on screen, behind the scenes and within the surrounding community, of their financial security. First Entertainment was able to provide stability and assistance during a tumultuous time for many creatives.
“Our support has always and will always be hyper-focused on our entertainment community,” said Owen. “Since our inception, First Entertainment has been a fundamental part of Hollywood. We extended our support to the entertainment community through partnerships such at the Motion Pictures & Television Fund (MPTF), and to those who are the core of the studio communities and were also impacted by the strikes.”
First Entertainment’s commitment to its team members and the creative community has solidified its position as a trusted financial institution to the entertainment industry and Greater Los Angeles Area. For more information on First Entertainment Credit Union and the product and services it offers, visit https://www.firstent.org/.
About First Entertainment Credit Union
Since 1967, First Entertainment Credit Union has served creators in the entertainment industry. Headquartered in Hollywood, Calif., First Entertainment provides banking and financial services through its 8 branches in Los Angeles County – including the Warner Bros., Sony, and Paramount studio locations – and manages $2 billion in assets with a team of more than 200 employees. First Entertainment provides financial solutions to nearly 90,000 members through accessible 24/7 digital banking, unique entertainment-industry financial products, services, and ATMs. Visit FirstEnt.org.