NEFCU tops $3 billion in assets
Innovation and branch expansion driving local credit union’s growth
WESTBURY, NY (July 18, 2018) — Eighty years after NEFCU was formed with $45 in cash from nine Valley Stream school employees, the rapidly growing local credit union announced today that it has surpassed $3 billion in assets.
The $3 billion milestone comes five years after the Westbury based credit union hit the $2 billion mark in June 2013. It reached $1 billion in assets in 2006.
NEFCU has experienced steady growth over the years, but saw a substantial acceleration in membership and assets when it became a community-chartered credit union in 2010, thereby facilitating its ability to serve virtually all Long Islanders. Since it became a community-chartered enterprise 8 years ago, it has increased membership by 23% and assets by nearly $1.5 billion, and has opened 8 new branches.
The credit union also attributes much of its recent impressive growth to its launching of high-tech banking innovations, its targeted branch expansion program, and its commitment to offering an impressive slate of user-friendly and technologically advanced member services and benefits. Among its many tech-focused services, NEFCU now offers an enhanced mobile application, voice banking technology, mobile banking, and interactive teller machines.
“Our growth is ultimately fueled by our membership. And that’s why we are continually making ourselves more attractive to current and potential members. So much of what we have instituted and introduced the past several years is clearly resonating with those looking for attractive banking products, and an overall experience that is as convenient as it is cutting-edge,” said Edward P. Paternostro, president and CEO of NEFCU.
NEFCU has recently been opening smaller-scale, technology driven branches in new markets across the island. It has expanded its footprint by nearly doubling its branch network over the past three years with a number of new locations throughout Suffolk and Nassau counties. Today, NEFCU has a total of 17 branches servicing Long Island, with two additional locations opening in Huntington Village and Northport in early fall.
About NEFCU (NY)
NEFCU is one of Long Island’s leading credit unions that proudly offers its affordable banking services to all Long Islanders. With more than $3 billion in assets and over 190,000 members, NEFCU has branches and a shared branch network throughout Nassau and Suffolk counties. To join NEFCU, eligible members must live, work, attend school, or regularly conduct business in Nassau and/or Suffolk counties (excluding the townships of East Hampton, Southampton and Shelter Island). Existing NEFCU members may also sponsor immediate family members or household members. For more information, visit www.myNEFCU.org, call 516-561-0030 or find us on Facebook at www.facebook.com/NEFCU.
