Headquartered in Bridgewater, New Jersey, Financial Resources Federal Credit Union — formerly the Ethicon Employees Federal Credit Union and the Raritan Federal Credit Union — is a federally chartered credit union with a history dating back to 1933. The institution has total assets of $400 million and almost 25,000 members. Despite a very competitive market, it is the institution’s stated goal to be its members’ primary financial institution and their first choice as a lender.Download Pdf
"Credit unions have an uphill battle in that endeavor. The average credit union in the U.S. is only a fraction of the size of the average bank… about $194 million in assets compared to about $2 billion in assets."
Incumbent lenders and traditional financial institutions are NOT on the verge of mass extinction. For financial institutions to succeed in today’s consumer lending marketplace, the answer is mass adaptation.
Going back to the 1980s, net interest margins (NIMs) typically hover between 3-4 percent. So what, you say? Well, the lesson to be learned here is that even as the...