Founded by school teachers during the Depression, First Financial Federal Credit Union stays true to its roots and its community
CHARLOTTE, NC (August 25, 2016) — Although they offer many of the same services, credit unions operate in a fundamentally different way than banks, one based on the philosophy of “people helping people”. Credit unions were typically founded by friends, neighbors, workers, and people who worship together. Such is the case for First Financial FCU, a credit union founded during the Depression by a group of teachers in Asbury Park, N.J.
The Great Depression started in 1929, and continued for more than a decade. During that time, the economy came to a standstill, banks were failing left and right, and many people were resorting to the only safe haven they knew for their money – under the mattress. In 1936, a group of Asbury Park, N.J. schoolteachers decided there was another way to provide essential banking services to themselves and others, all while protecting their savings.
In true cooperative spirit, this group came together to help each other in a time of need and organized themselves into one of the earliest credit unions in America, Monmouth County, NJ Teachers Federal Credit Union. Today, 80 years later, that credit union still exists, much larger and now known as First Financial Federal Credit Union.
Getting from Monmouth County Teachers FCU to First Financial FCU took more than a few years of growth and expansion, cooperative efforts, and dedication to specific communities. Under the employees of both the Monmouth and Ocean County Boards of Education. The small shop went through a name change to reflect the groups it served: Mon-Oc Teachers Federal Credit Union.
In April 2003, Mon-Oc FCU became a community credit union, serving anyone who lives, works, worships or attends school in Monmouth or Ocean Counties. With this expansion, the credit union c became First Financial Federal Credit Union in July 2006.
Celebrating its 80th anniversary this year, the credit union stays true to its roots as an organization founded by teachers. “Education has and always will be a pivotal piece of our organization, and we have stayed true to our educational roots by continuing to support our members and the local community through financial education,” says First Financial FCU President/CEO, Issa Stephan. “We hold free monthly seminars on various important topics such as budgeting, credit management, debt reduction, how to buy a home or car, and more. Our Foundation provides annual college scholarships to Monmouth and Ocean County students, as well as classroom grants to teachers within our community. We are proud to support our local teachers, students, and educate as many members of our community as we can.”
First Financial FCU may have grown and seen some changes in its 80 years, but it has stayed true to its early years as a dedicated source for financial education and services for its community.
The credit union has branches in Freehold, Toms River, and Neptune.
At a credit union, you’re much more than just a customer. For more information on First FinancialFederal Credit Union, including how to join, visit www.firstffcu.com or find one near you at www.BankingYouCanTrust.com.
About New Jersey Credit Union League
Formed in 1934, the New Jersey Credit Union League is the statewide trade association representing credit unions and is committed to the development of the credit union movement in New Jersey. Our mission includes a full range of services, programs, products and money-saving opportunities specifically designed to satisfy a credit union's operational, financial, training, compliance and overall growth and development needs. For more information visit www.njcul.org. New Jersey’s credit unions serve 1.1 million members throughout the state with financial products and services. They offer a popular alternative to traditional banks with better rates and lower fees than other institutions. For more information visit www.bankingyoucantrust.com.
About the New Jersey Credit Unions
New Jersey’s credit unions serve 1.2 million members throughout the state with financial products and services. Credit unions are nonprofit financial institutions that offer many of the same products as banks, often with better rates and lower fees. Credit unions are owned by their members, or account holders, and are run by a volunteer board of directors, not shareholders looking to make a profit. For more information and find a credit union that’s right for you, visit www.bankingyoucantrust.com.
