January 2021— LOS ANGELES, CALIFORNIA – Firefighters First Credit Union distributed over $2.1 million in profit sharing proceeds to their membership. This year’s distribution brings total profits returned to members to over $50 million since 1981, honoring the legacy built upon “firefighters helping firefighters”. As a cooperative, members own the Credit Union. And the mission and vision of the organization is framed by the fifteen volunteer Board of Directors who are active and retired firefighters.
“Firefighters have been on the frontline of the COVID-19 response,” said Dixie Abramian, Firefighters First Credit Union’s President/CEO. “In 2020, they also contended with one of the worst wildfire seasons in recent history. We are heartened by how much firefighters give to their communities.”
Firefighters First was started in 1935 by firefighters for firefighters and celebrated its 85th anniversary in 2020. Today, it serves multi-generational career firefighters and their families in 741 fire departments nationwide. Firefighters exemplify trust, loyalty, and service and they want to reflect that in the way they take care of their member’s financial life.
The approach to profit sharing at Firefighters First Credit Union is simple. Payouts represent 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 extended services—Business Services, Firefighter Insurance Services, Firehouse Financial and Firefighters First Trust Services—the more members received in their annual payout. Payouts were posted to member accounts on December 31, 2020.
For more information, please visit https://www.firefightersfirstcu.org/About/About-Us/Profit-Sharing.
In July, the United States will celebrate its 250th anniversary. The country’s last major milestone was 50 years ago, at its bicentennial on July 4, 1976. U.S. society has changed profoundly since then. Over the past five decades, the U.S. population has aged significantly, with the percentage of people 65 and older nearly doubling. The country has also become more racially and ethnically diverse, as growing shares of people identify as Asian or Hispanic. And following more than 70 million immigrant arrivals, the percentage of foreign-born people in the population has more than tripled. Americans are also less likely to be married than ever before. Women – who now have far more options outside of the home than they did in 1976 – have contributed to a boom in higher education and helped expand the workforce. And even though many Americans are financially better off than they were 50 years ago, econ...
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