“Firefighters do so much more than respond to fires. They make communities safer, stronger and better prepared for emergencies,” said Dixie Abramian, Firefighters First Credit Union’s President/CEO. “They stayed strong all year—through wildfires, hurricanes, floods and other emergencies that happened nationwide. We are heartened by how much firefighters and their families give back to their communities and are proud to share our success with them. No group is more deserving than the Fire Family.”
Firefighters First Credit Union gave back to members by improving their financial lives in many ways. In addition to Annual Profit Sharing, they offered many account enhancements, including: out-of-network ATM fee reimbursements, they don’t charge for domestic wire transfers, stop payments and expedited person-to-person Popmoney® transfers.
The approach to profit sharing at Firefighters First Credit Union was simple. Payouts represented a refund on the interest members paid on loan accounts and a bonus on the dividends earned in savings accounts. Individual payouts varied based on the scope of the member’s financial relationship with the Credit Union. The more members banked with Firefighters First Credit Union and utilized their services—Firefighter Insurance Services, Firehouse Financial and Firefighters First Trust Services—the
more members received in their annual payout. They posted the payouts to member accounts on December 31, 2019.
“During the Great Depression, banks stopped lending. At Engine Company No. 28 in Los Angeles, firefighters passed a cigar box to help rookies buy their gear. With a handshake and a promise to repay, Los Angeles Firemen’s Credit Union was born. Today, Firefighters First keeps that spirit of “firefighters helping firefighters alive,” states Scott Gibbons, Board of Directors Chair. “Our Board of Directors takes member ownership seriously. We’ve retained profit sharing as an important benefit to our members.”
Firefighters First Credit Union will celebrate their 85th anniversary in 2020. “We’re serving 3rd and 4th generation firefighters and their families,” said Abramian. “Firefighters exemplify trust, loyalty, and service. We want to reflect that in the way we take care of their financial life. They make what we do worth doing.”
For more information, please visit www.FirefightersFirstCU.org/Payout.
About Firefighters First Credit Union
Firefighters First Credit Union was formed in 1935 as Los Angeles Firemen’s Credit Union and serves full-time, paid firefighters nationwide and their families. In 2014 they changed their name to Firefighters First Credit Union to better reflect their member base and in 2017 received their Federal Charter. Firefighters First currently has assets of almost $1.5 billion serving over 49,000 members.
December 2019 Media Contact: Kelly Ramsay
Senior VP, Marketing