NCUA Charters 1st Bergen FCU in New Jersey
Alexandria, Va., January 16, 2009 – The National Credit Union Administration (NCUA) has approved a charter for 1st Bergen Federal Credit Union located in Hackensack, New Jersey.
The credit union was chartered January 14, 2009, to serve the approximately 884,000 people who live, work, worship, volunteer, attend school, businesses and other legal entities located in Bergen County, New Jersey.
"This new federally chartered credit union is a very positive step by consumers in Bergen County to enhance their choices in financial services. As a product of an impressive array of community groups, the credit union will provide a cooperative alternative to low and moderate income members. NCUA is pleased to grant this charter, and encourage this and other similar efforts across the nation aimed at improving access to affordable financial services,” commented Chairman Fryzel.
1st Bergen Federal Credit Union is scheduled to open its doors in March 2009. Initially the credit union plans to offer regular shares, holiday and vacation club accounts, share certificates, personal loans, and new and used automobile loans. It will also provide check cashing services, money orders, traveler's checks, and cashier's checks. By 2012, the credit union plans to offer ATM services, debit and credit cards, wire transfers, and small business loans.
The credit union was organized by the Bergen County Community Action Partnership, Inc. (BCCAP) in Hackensack, New Jersey. BCCAP is Bergen County’s designated anti-poverty agency. Established in 1967, it provides services to low-income persons to address their emergency and long-term needs; including shelter, transitional and permanent housing, vocational training, home energy and weatherization assistance, English as a second language classes, Head Start and other child development classes, access to free medical services for the uninsured and underinsured, and women’s micro-enterprise program.
The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of nearly 89 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars.
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