Skip to main content

Firefighters First Credit Union Gives Back Over $2.5 Million to Firefighters and Their Families

 

Firefighters First Credit Union Gives Back Over $2.5 Million to Firefighters and Their Families

January 29, 2015 06:27 PM Eastern Standard Time

LOS ANGELES--At Firefighters First Credit Union, our members are owners and we hold true to our 80-year legacy of firefighters helping firefighters. That is why we return our profits directly back to our members in the form of Extraordinary Dividend Bonuses and Interest Refunds. With this year’s $2.5 Million payout, it brings the total amount we have paid back to our members to over $40 Million in the past 30 years.

“Extraordinary Dividend Bonuses and Interest Refunds are unique benefits of Credit Unions, and many have stopped them altogether. But at the discretion of the Board of Directors, we feel it is an important part of our tradition and our members agree. Payouts vary based on member relationships, but it’s not uncommon to see payouts of over $5,000,” explained Mike Mastro, Firefighters First CU President/CEO.

This year, we added in a special reward for members that had additional services with us through investment accounts, insurance policies, and business loans. Deeper member engagement is an important growth strategy for us and we want to thank them for their business. We continue to focus on member loyalty by delivering exceptional products and services, and personable service. We know our members and go the extra mile to exceed their expectations. That service pays off with member satisfaction.

Constant improvements to our competitive deposit accounts, loan products and convenience-based services have helped grow our member ranks. With that growth, we have grown in strength, agility and reach. With each new fire department and new family member contributing to the success of the Credit Union, the rewards grow for our entire Fire Family. Payouts represent a rebate on the interest paid on loan accounts and a bonus dividend on the earnings on savings accounts. Payouts vary on individual financial relationships and were posted to member accounts on December 31, 2014, proving one thing – the more members bring to Firefighters First Credit Union, the more they receive in return!

For example:

  • If a member had $100,000 in a share certificate and it earned a 2% yield, or $2,000, based on the 2014 Extraordinary Dividend Bonus, they would have received an extra $520.
  • If a member paid $4,000 in interest for the year on a loan with the Credit Union, based on the 2014 Interest Refund, they would have received a refund of $198.

For more information, please visit www.firefightersfirstcu.org/payout.

About us

Firefighters First Credit Union was formed in 1935 as Los Angeles Firemen’s Credit Union and serves full-time, paid professional firefighters and their families throughout the state of California. With state expansion and the evolving Fire Family, we changed our name on March 31, 2014 to better reflect our evolving membership. Firefighters First currently has assets of over $940 million and over 31,000 members in over 280 fire departments.

Contacts

Firefighters First Credit Union
Kelly Ramsay, 323-550-2216
Senior VP, Marketing
KRamsay@firefightersfirstcu.org

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

NCOFCU Newsletter

The Bucket Coach is a financial advice book designed by Fire Services Credit Union, Tronto, Canada. and written exclusively for Fire Fighters It's a practical guide for household financial management, including investments, credit and mortgages, and retirement. Developed with contributions from Fire Fighters," NCOFCU Newsletter : " Kevin Connolly Chief Executive Officer    Fire Services Credit Union Phone: 416-440-1294 ext 301  Toll Free: 1-866-833-3285 E-mail:  kevin@firecreditunion.ca 1997 Avenue Rd Toronto, ON M5M 4A3 
Post a Comment
Read Complete Article HERE>»

CUNorthwest Todd A. Powell Award is SFCU CEO Gayle Furness.

Spokane Firefighters Credit Union Big Enough to Serve. Small Enough to Care. This year’s recipient of the CUNorthwest Todd A. Powell Award is SFCU CEO Gayle Furness. Like Todd, Gayle has been instrumental in the growth, as well as the safety and soundness, of the credit union. Congrats to Gayle for living up to the standard that Todd created for our organization and the greater credit union community. __ ________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
Post a Comment
Read Complete Article HERE>»

The Shrinking Pool of Small Credit Unions: Why It Matters & What We Can Do About It. - Henry Meier, Esq.

  Henry Meier, Esq. Henry Meier is the former General Counsel of the New York Credit Union Association, where he authored the popular New York State of Mind blog. He now provides legal advice to credit unions on a broad range of legal, regulatory and legislative issues. He can be reached at (518) 223-5126 or via email at  henrymeieresq@outlook.com . For as long as I’ve been around the industry, I’ve heard concerns about the demise of the small credit union. But I’ve come to realize it’s a lot like the weather: Everyone talks about it, but no one does anything about it. This is unfortunate. We need credit unions of all shapes and sizes to survive, and if we don’t take action soon, it will be too late.  Fortunately, there are steps the industry can take to potentially decrease the rate at which small credit unions are disappearing by making it viable for credit unions to survive by getting larger credit unions interested in making the necessary investments to keep the sma...
Post a Comment
Read Complete Article HERE>»

What Are Your Plans -As Government Shutdown Continues, Credit Unions Expand Offers of Assistance

BILOXI, Miss.— With the federal government shutdown now entering its second week, an increasing number of credit unions across the country are offering relief and financial assistance. All indications are the shutdown is no closer to ending than it has been since it began on Oct. 1. While the House has passsed a continuing resolution (CR) to fund government operations in the short term, the Senate remains at an impasse, even as it has scheduled a vote for today. In addition to the earlier assistance reported by the CU Daily  here , the latest pledges to support members include: • In Biloxi, Miss., Keesler FCU said it is offering paycheck relief for all eligible federal employees affected by the shutdown and will advance the amount of direct deposit paychecks for eligible members during the shutdown for up to 90 days. There is no cost or fee to enroll in the program. • In Nebraska, Cobalt Credit Union is offering furloughed members loans of up to $5,000 with no fees or interest...
Post a Comment
Read Complete Article HERE>»

Sunday Reading - FIRE, 101 - “financial independence, retire early,”

  Retiring at 30     FIRE, 101 Most US workers aim to retire around age 65—but for many followers of the FIRE movement, which stands for “ financial independence, retire early ,” that’s not the case. FIRE followers, who range from low- to high-income workers, typically prioritize high savings rates, relatively frugal living, and aggressive investing strategies in an effort to work less and enjoy life more in the long-term ( see five distinct approaches ). While many proponents argue that the movement is more of a mindset about achieving financial freedom than any ...
Post a Comment
Read Complete Article HERE>»