Ocean Financial Federal Credit Union celebrates 75th annual International Credit Union (ICU) Day
OCEANSIDE, NY (October 20, 2023) — Ocean Financial Federal Credit Union (OFFCU) is celebrating the 75th annual International Credit Union (ICU) Day on October 19, 2023, by recognizing the importance of credit unions and why they are unique.
Unlike a traditional bank, a credit union is a nonprofit organization that is owned and controlled by members. Profits made by the credit union are returned back to members in the form of reduced fees, higher savings rates and lower loan rates, according to mycreditunion.gov. The credit union also offers traditional financial services such as checking and savings accounts, credit cards and more.
“Credit unions promote the well-being of their members, not just financially but in all aspects of life,” said Joe Tedesco, President and CEO of Ocean Financial Federal Credit Union. “Every credit union member is on their own personal journey to find financial wellness and it is our job to make it as easy and efficient as we can.”
The first credit union in the United States dates back to 1909, when St. Mary’s Cooperative opened its doors in Manchester, New Hampshire. In 1934, President Franklin D. Roosevelt signed the Federal Credit Union Act into law, enabling credit unions to be organized throughout the nation under charters approved by the federal government.
Today, the United States is home to 4,903 federally insured credit unions serving more than 131 million members.
Formed in 1969, Ocean Financial Federal Credit Union was created by a group of Father Joseph O’Connell Knights of Columbus members looking to provide financial services to Brother Knights and their families. Since its doors opened, Ocean Financial has evolved in name and in the field of membership, while maintaining ties to their Catholic roots.
Today, Ocean Financial has grown to more than $382 million in assets, serving members of the Knights of Columbus in New York State, the Diocese of Rockville Centre, and any Catholic interested in the credit union.
When discussing what makes Ocean Financial a unique credit union, Joe mentions that it is “all thanks to our members and our employees.”
“We have a rich history of putting our members first and it is something that we pride ourselves on,” said Joe. “Our employees all live in the surrounding community, and it puts out members at ease when they are being helped by someone that they know and can trust.”
About Ocean Financial Federal Credit Union
Ocean Financial Federal Credit Union was formed in 1969 by a group of Father Joseph O’Connell Knights of Columbus members looking to provide financial services to Brother Knights and their families. Over the years, the credit union has evolved in name and in the field of membership, while maintaining ties to their Catholic roots. Today, Ocean Financial has grown to over $359 million in assets, serving members of the Knights of Columbus in New York State, the Diocese of Rockville Centre, and any Catholic interested in the credit union. Inspired by their Catholic values, Ocean Financial provides exceptional products and services to the Catholic community. The credit union takes pride in having Catholic values you can bank on. Ocean Financial promotes these values throughout the entire organization, down to the logo. To learn more, visit https://www.oceanfinancial.org
