Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CU to the rescue when bank reneges on biz loan
WAYNE, N.J. (1/23/09)--A New Jersey credit union came to the rescue of a local fire department after the department received an 11th-hour decision by a local bank to rescind its loan.
First Jersey CU Vice President of Operations Debbie Gordon presents Ringwood Fire Co. #1 Treasurer and Commissioner Lou Piccininno with a check so the Stonetown Fire Department in Ringwood, N.J. can begin repair work after a bank rescinded the department's loan. (Photo provided by First Jersey CU)
First Jersey CU, a $101.9 million asset credit union based in Wayne, N.J., stepped in to help the Ringwood, N.J. Fire Co. #1, which was in desperate need of upgrading and repair. The Stonetown Fire Department had done what seemed natural and contacted an unnamed local bank to apply for a loan. The department turned in the required paperwork, and the bank reviewed the application and approved the loan. However, the bank changed its mind and rescinded the loan, leaving the fire department scrambling to find a way to make the upgrade so the department could continue its life-saving work, said the credit union in a press release. First Jersey heard about the problem and approved the loan, just like it would have done for many others in these difficult financial times, said the credit union. The credit union, which said it has been a "safe harbor for consumer savings and loans" for more than 79 years, noted that consumers saved $10.9 billion by using credit unions rather than banks in the form of lower fees, higher savings rates and lower loan rates.
Other Resources

RSS print
News Now LiveWire
The Hill reports House Republicans plan to delay Aug. recess to stay in D.C. until they have enough votes to pass bill on border crisis.
4 hours ago
The FHLBs of Des Moines and Seattle announce they have entered into an exclusivity arrangement regarding potential merger of the 2 entities.
5 hours ago
SunCorp and @AlloyaCorp have announced their intent to merge.
7 hours ago
.@TheNCUA bars former employee of Southwest Communities FCU,Melissa Rosing,from work at any federally insured FI. http://t.co/owtVnPxVZT
7 hours ago
Fryzel added @TheNCUA is fed. governmt, thereby will B criticized, but always tried 2 do what is right. McWatters still 2 B sworn in.2of2
10 hours ago