WAYNE, N.J. (12/1/11)--The New Jersey Department of Banking and Insurance granted approval to First Jersey CU in Wayne, N.J., to expand its charter, the credit union announced.
"This approval is a very exciting step for First Jersey," Christopher Davis, First Jersey CEO, told the New Jersey Credit Union League (The Daily Exchange Nov. 29).
"Currently, our area of membership includes anyone who lives, works, worships or attends school in Passaic County," he added. "We are now permitted to expand our field of membership to include Bergen, Essex, Hudson and Union counties. As individuals in those counties become new members, we will be able to offer credit union membership to their family members as well."
The expanded charter will allow First Jersey to offer its financial services to a base of roughly 1.5 million potential new members, Davis said. The credit union has 8,653 members. First Jersey's deposit rates are higher and its loan rates are lower than nearly every other financial institution in its market area, Davis noted.
First Jersey's approval is the first state-charter expansion granted in the past five years, the league said. The credit union has more than $124 million in assets.