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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Lou Piccininno with a check so the Stonetown Fire Department in Ringwood, N.J. can begin repair work after a bank rescinded the department's loan.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 However, the bank changed its mind and rescinded the loan, leaving the fire department scrambling to find a way to make the upgrade so the department could continue its life-saving work, said the credit union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.
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