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."
The key to beating the competition in a fluctuating banking is to create a new core account holder base, while still maintaining strong relationships with traditional account holders.
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...