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News Now

CU System
New Jersey prepares for first new CU in 11 years
HACKENSACK, N.J. (4/30/08)--New Jersey hasn’t seen a new credit union chartered in 11 years--but that soon will change when Bergen County Community Action Partnership (BCCAP) creates a community development credit union.
At a recent meeting, individuals discussed the proposed 1st Bergen FCU, a community development credit union. From left are: Brian Gately, director of technical assistance at the National Federation of Community Development Credit Unions; Allan DeGuilio, board chair of the proposed 1st Bergen FCU; Robert Moore, chief financial officer of Bergen County Community Action Partnership; Jim Merrill, senior vice president of the New Jersey Credit Union League; and Robert Halsch, CEO of 1st Bergen. (Photo provided by the New Jersey Credit Union League)
The new credit union will be called 1st Bergen FCU and will serve low-income residents. During the past year, the New Jersey Credit Union League has helped BCCAP with its charter submission to the National Credit Union Administration. It also has provided in-person board governance training and strategic planning. “Part of the core mission of the credit union movement is to serve the underserved, so we see a great opportunity for Bergen County CAP,” said Paul Gentile, New Jersey league president/CEO. Jim Merrill, league senior vice president, and Brian Gately, director of technical assistance for the National Federation of Community Development Credit Unions, addressed the following topics with BCCAP such as: mentors, physical branch setup, league support, board member training, business planning, marketing assistance and policy development. The league board also voted to waive the credit union’s league dues for the first two years of membership.


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