Firefighters First Credit Union gives back over $1.6 Million to firefighters and their families.

Firefighters First Credit Union gives back over $1.6 Million

to firefighters and their families.

In the fire service, firefighters have an unconditional trust with each other. Similarly, firefighters trust this organization and have done so since its inception in 1935. Firefighters First was established during a time of financial need when firefighters pooled their funds together to help make ends meet. This commitment remains today and is demonstrated through strong financial management and keeping the best interests of our Fire Family in mind.

That’s why we return our profits directly back to our members in the form of Extraordinary Dividend Bonuses and Interest Refunds. With this year’s $1.6 Million payout, it brings the total amount we have paid back to our members to over $42 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 our Board of Directors, we feel it is an important part of our tradition. 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.

Payouts represent a rebate on the interest paid on loan accounts and a bonus dividend on the earnings on savings accounts.

What this means to members…

·         If you had $100,000 in a share certificate and it earned a 1.00% yield, or $1,000, based on the 2015 Extraordinary Dividend Bonus you received an extra $150.

·         If you paid $4,000 in interest for the year on a loan with us, based on the 2015 Interest Refund, you received a refund of $100.

In addition, we rewarded members with a bonus payout who leveraged additional services available through the Credit Union. Members who maintained an investment account, business account, insurance policy through Firefighter Insurance Services, or had a mortgage servicing loan, received an extra $30 for each of these services.

Payouts were posted on December 31, 2015, and varied on individual financial relationships; proving one thing – the more members bring to Firefighters First Credit Union, the more they receive in return!

To learn more about our 2015 Extraordinary Dividend Bonus and Interest Refund, please visit www.firefightersfirstcu.org/payout.