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

Making the Most of the Final Five Years Before Retirement

  NATIONAL COUNCIL OF FIRST RESPONDER CREDIT UNIONS RETIREMENT READINESS Making the Most of the Final Five Years Before Retirement A practical planning guide for first responders, credit union volunteers, employees, and their families Five years before retirement is an important checkpoint. It is the time to confirm what you have saved, understand the income you can expect, and decide whether your retirement plans match the life you want to lead.   1. Review Your Retirement Savings Start by taking a fresh look at your retirement accounts, personal savings, investments, and other assets. A retirement calculator can help estimate whether you are on track and show how additional saving during the next five years may strengthen your plan.   2. Identify Every Source of Retirement Income List the income you may receive in retirement, including pensions, Social Security, retirement-plan withdrawals, invest...
Post a Comment
Read Complete Article HERE>»

NCUA Board Approves 11 Final Rules for Deregulation Project

Alexandria, VA (August 5, 2026) ― The National Credit Union Administration (NCUA) today finalized eleven rules that were proposed for changes through the Deregulation Project. This is the first round of final rules from the ongoing Deregulation Project which is an initiative to review NCUA’s regulations and ensure they are focused on credit unions’ safety, soundness, and resilience. The final rules include: This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Surety and Guarantor Requirements – 12 CFR 701.20(c)(3) and 701.20(d) (Opens new window) This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Limits on Loan to Other Credit Unions – 12 CFR 701.25(b) (Opens new window) This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Service to Underserved Areas – IRPS 08-2 (Opens new window) This is...
Post a Comment
Read Complete Article HERE>»

New Consumer Due-diligence Requirements Mean Credit Unions Have to Change Bank Secrecy Act (BSA) Procedures

Starting May 11, 2018, credit unions and other financial institutions are required to have new procedures in place when it comes to customer/member due-diligence, primarily involving “beneficial owners” and “legal entity” members, reminded CUNA. But the trade association reported that the new requirements do not mean credit unions have to update member information on a continuous or periodic basis. “The rule does not require credit unions to update member information on a continuous or periodic basis. The updating requirement is event-driven and only occurs as a result of detecting unusual activity through normal monitoring,” CUNA stated. The new procedures required by May 11, 2018, are: Procedures to identify and verify beneficial owners of legal entity members.  Procedures for making and maintaining a record of all the identification and verification information collected for beneficial owners of legal entity members.  Appropriate risk-based procedures for...
Post a Comment
Read Complete Article HERE>»

Fed Keeps Interest Rates on Hold in Split Decision at Final Meeting of Powell Era

  By  Keith Griffith April 29, 2026 In an unexpectedly close split decision,  Federal Reserve policymakers  have decided to keep interest rates on pause in what is likely to be the final meeting under the supervision of Fed Chair  Jerome Powell . Powell joined the 8-4 majority on the  Federal Open Market Committee  to vote in favor of leaving the  federal funds rate unchanged  at Wednesday's meeting in Washington, DC, judging inflation as running too hot to justify a rate cut. At a press conference after the vote, Powell revealed that he will remain on the board of governors as a regular member after his term as chairman ends, saying: "After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined. I plan to keep a low profile as a governor. There is only ever one chair of the Federal Reserve Board." Read the complete story here.
Post a Comment
Read Complete Article HERE>»

New CEO Named at SF Fire CU

  In San Francisco, – SF Fire Credit Union has appointed Robert Kassab as its president and chief executive Officer. Kassab, who has served as the $1.6-billion credit union’s CFO and most recently as Interim CEO, will lead the organization as it builds on 75 years of community service and pursues an ambitious strategy for growth and member impact, the credit union said in a statement. Robert Kassab “SF Fire Credit Union has a 75-year legacy of doing right by its members, and I take that responsibility seriously,” Kassab stated. Kassab joined SF Fire Credit Union in 2022 as CFO, where he played a central role in strengthening the institution’s financial foundation and positioning the credit union for long-term growth. His appointment as CEO follows a period of interim leadership, during which he worked closely with the board to develop a strategic vision for the credit union’s future, according to SF Fire. An Institution That ‘Deserves Them Back’ “SF Fire Credit Union was built on ...
Post a Comment
Read Complete Article HERE>»

Report Probes Just How Sophisticated and Pervasive Fraud Has Become

BOSTON–Fraud threats facing credit unions are becoming more sophisticated and pervasive as digital banking expands and artificial intelligence tools enable increasingly complex attacks, according to new research and analysis from PYMNTS Intelligence .  The report said fraud has evolved from isolated incidents into a “persistent, systemwide threat” that affects every stage of the member journey, from onboarding and authentication to transactions and account servicing.  According to the report, fraudsters are increasingly using coordinated, multichannel schemes that challenge traditional fraud detection and response systems. PYMNTS Intelligence said attackers are no longer exploiting single vulnerabilities but are instead orchestrating broader campaigns involving impersonation, credential theft and unauthorized transfers.  The Findings Among the report’s findings, according to PYMNTS: One in 10 consumers encountered card fraud during the past year. Most fraud incidents occu...
Post a Comment
Read Complete Article HERE>»

White Paper from WOCCU Examines How Stablecoins are Reshaping Financial Infrastructure

WASHINGTON– World Council of Credit Unions (WOCCU) has released a new white paper that examines how stablecoins are reshaping the financial infrastructure that credit unions and other cooperative financial institutions rely on to serve their members.  According to WOCCU, the white paper, How Digital Money Is Impacting Credit Unions, Part 1: Focus on Stablecoins , is the first in a planned three-part series exploring how emerging forms of digital money are affecting the global credit union movement.  “The report begins by noting that stablecoins are no longer a niche fintech development, but part of a broader structural shift in how money is stored, moved and regulated,” WOCCU explained. “As commercial banks, payment networks, technology firms and retailers build stablecoin offerings or integrate stablecoin rails into their platforms, credit unions must consider how these changes could affect deposits, payments, member relationships and long-term institutional relevance.” For ...
Post a Comment
Read Complete Article HERE>»

Supreme Court Won't Hear FOM Appeal ABA Rendering Case Void

On Monday, the Supreme Court of the United States denied an appeal from the American Bankers Association to review the NCUA’s field of membership (FOM) rules. This decision by the Supreme Court brings to an end an almost four-year legal battle by the AMA against the NCUA. Shortly after the Supreme Court’s decision, CUNA, NAFCU and CUNA Mutual Group released a joint announcement stating the groups “have long supported the rule and the NCUA’s authority to provide oversight for the credit union industry.” “Today is a great day for anyone hoping to access the financial well-being afforded by credit unions,” said CUNA President/CEO Jim Nussle. In denying the bankers’ lawsuit, the Court has established credit unions’ mission and structure as part of the fabric of America. In recognizing the NCUA’s right to oversee our system, the Court has also established a much-needed firewall from spurious attacks by the bankers. CUNA looks forward to working with the NCUA and credit unions to find new ...
Post a Comment
Read Complete Article HERE>»

The Federal Reserve decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4

  Federal Reserve issues FOMC statement For release at 2:00 p.m. EDT Share The Federal Open Market Committee approved the following statement for release by a 9 – 3 vote: The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system. Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.   Voting against the monetary policy action were Beth M. Hammack, Neel Kashk...
Post a Comment
Read Complete Article HERE>»

Ten-Year Treasury Hits a 15-Year High

WASHINGTON–The yield on the 10-year U.S. Treasury note has hit a 15-year high, which could lead to higher costs for many borrowers. The increase in yields is also “raising concern” on Wall Street about the potential fallout in the stock, bond and housing markets, the Wall Street Journal added. A key benchmark for interest rates across the economy, the 10-year yield settled at 4.258%, according to Tradeweb, up from 4.220% earlier this week, marking its highest close since June 2008, months before the collapse of Lehman Brothers and expansive Federal Reserve policy “ushered in more than a decade of historically low bond yields,” the Journal added. ‘Nervous’ Investors “The rise in yields is making investors nervous, because past surges have at...
Post a Comment
Read Complete Article HERE>»