WAYNE, N.J. – State regulators have approved a request from First Jersey CU to add 1.5 million residents in four adjourning counties to its field of membership, giving the $125 million credit union a field of membership spanning more than two million residents, the biggest among New Jersey’s state charters and the first FOM approval by state regulators in five years.
The new charter will enable the 82-year-old credit union, which currently serves the 500,000 residents in its home of Passaic County, to add all 900,000 residents in adjacent affluent Bergen County and a vast swath of underserved communities in Essex, Hudson and Union counties.
“This approval is a very exciting step for First Jersey,” said First Jersey CEO Christopher Davis. “As individuals in those counties become new members, we will be able to offer credit union membership to their family members as well.”
