TOTOWA, N.J. -
Garcia, CEO of North Jersey Federal Credit Union here, knows what it's like to work in the trenches because she's held a lot of different jobs at NJFCU over the years.
"I've been here for 22 years and have seen this credit union grow from a $28 million-in-assets CU to today's $178 million. Back then, our core membership was educators and I was a teller!" said Garcia. "My other positions included member service representative, collections manager and vice president of operations."
In 2004 she became a senior vice president, and finally, in 2005, she was appointed CEO.
In 2005 Garcia set out on a path to grow the credit union, opening a new branch in Paterson and refurbishing the existing Newark branch. NJFCU also acquired two CUs, the Paterson Fire Department FCU in October 2005, adding 850 members, and La Casa Federal Credit Union in November 2006, adding 500 more members.
Today, membership totals some 30,000, but NJFCU has readied itself for still more, as its charter now encompasses anyone who lives, works, worships, attends school or regularly conducts business in Passaic or Bergen Counties, underserved areas of Essex or Union Counties and residents of Newark. Garcia is especially keen to add more members from the Hispanic community, and is proud of her heritage.
Reaching Out To Hispanics
"We've put in place marketing efforts to reach out to Hispanics," she said. Our newsletter is bilingual; it's four-pages, the first two in English, and the last two in Spanish. We've also translated all collateral materials into Spanish. Our website is available in Spanish and we are committed to reaching out through community efforts to see that our products and services are available to all people in the areas we serve."
Garcia said she serves as a mentor to her current staffers, which number 76, saying, "I'm only as good as my team and we decided as a team, from the board down to the people on the teller line, to serve our members well. Because I came up through the ranks, it means a lot to me, having their full support as we move forward. I think I've surrounded myself with great people, and when you do that, they make you shine."
Her mentor? "Well, the biggest influence in my life was my parents, who gave me everything and taught me always to believe that I could do anything I set out to do," she replied. "But professionally, my mentor was my predecessor here, Richard Block. He taught me the ropes." Block retired after 33 years of service, and Garcia wants to create her own legacy of sorts.
The LaCasa merger also brought the involvement in a non-profit community organization and CU outreach efforts now include working with Eva's Kitchen, a food pantry, and the building of a children's playground. Garcia instituted a biweekly comp day so that CU employees could volunteer their time without losing salary. She's also a strong proponent of CUs doing financial literacy in their communities.
"I'm passionate about this. I'm working with our VP of human resources to develop a program for Latinos to work at financial institutions. I want to encourage Latinos to join and work for the CU movement. We have a school district in our field and I go out to educate the kids about the monetary system and how credit unions fit in."
Point Not Lost
The point isn't lost on Garcia that Latinos fitting in will help grow membership in CUs nationally, and she's all for that. "I believe in this credit union movement. And when I put my head on the pillow at night, I'm happy to know that I've helped someone."
The CU has a Kids Kash Clubhouse for ages 12 and under and a savings program for those under 17 who open savings accounts. Incentives, like $1 for every A on a report card, up to $5 per school period. The website also has the full Googleplex tools and Guides to Independence, fun learning modules about saving, spending and borrowing wisely.
NJFCU ranks well when compared to its peers, with solid loan growth as of Dec. 2006 of 9.34% and pulling a 7.64% yield on average loans. NJFCU currently has six member business loans totaling more than $1-million, the majority of which are primarily located in Passaic County, according to marketing coordinator Danielle Adams. The types of businesses funded include an on-line wholesale company, a start-up business, a chiropractic office refinance, a multi-unit apartment building, a residential construction loan and a tractor-trailer cab loan. The credit union's net worth is 11.03%.
Future plans involve more of the same, steady growth, but an increased focus on expanded services, said Garcia. That includes serving the needs of more upscale members as well as the financially challenged, she said. "We just did a survey that identified a slice of upscale members with the ability to grow our share base. So we'll be introducing a full investment services platform in the second quarter of 2007. That will be in partnership with CUSO Financial Services, in San Diego."
Garcia said the CU's strong financial condition allowed her to offer new programs and maintain a good relationship with her NCUA examiner. "He says he wants our growth to be controlled, and it is. But our decisions are made based on the analysis of whether it benefits the members. As long as we're compliant, and our executive team is ready, we'll go for it."
