Financial Resources Federal Credit Union is dedicated to helping its members live their best financial lives.
JERSEY CITY, NJ / ACCESS Newswire / June 11, 2025 / "When you entrust your money with a credit union, you're getting service that a bank can't offer," says Frank Almeida, president and CEO of Financial Resources Federal Credit Union (FRFCU). "You're not just another account number here. You're a member and an owner. You're a part of something."
Members of the FRFCU Team.
Founded in 1950 by a group of Johnson & Johnson employees, FRFCU has deep roots in the Garden State. Over the past 75 years, the credit union has steadily expanded into new communities and embraced a wider membership, including involvement in community development through its Community Development Financial Institution certification supporting those who are underbanked and underserved. Today, FRFCU serves more than 29,000 members throughout the tri-state area. And yet, many people in the region still don't quite understand the differences between credit unions and banks.
"To most people, banks and credit unions look pretty similar," Almeida says. "The biggest departure is where we focus our efforts. We're owned by our members, and everything we do is designed to make their financial lives better. That's largely what distinguishes us."
The two institutions serve a similar function, but there are some major differences. Credit unions are not-for-profit financial cooperatives owned by their members, while banks are for-profit businesses. When a bank turns a profit, that money goes to its share-holders. When a credit union makes a profit, however, that money is instead returned to members in the form of better interest rates, lower fees, and enhanced services.
"It's not just a matter of offering a slightly better rate on a loan," says Almeida. "People join credit unions because they want a less transactional type of relationship and to know that they are being supported by people who care."
Community Business
"Everyone recognizes the role that small and midsize businesses play in a healthy economy," Almeida says. "Credit unions are in a great position to help these local businesses access the resources they need to grow. We identified this need years ago, and it has allowed us to carve a niche for ourselves.
"Since 2013, we've been recognized as one of the top Small Business Administration lenders in the state of New Jersey," Almeida continues.
In addition to offering financial resources for individuals and businesses, FRFCU also provides a wealth of member services ranging from retirement planning to financial education and certified financial counselors. Through its charitable arm, the Financial Resources Foundation, which has contributed over $750,000 to charitable organizations throughout New Jersey, the credit union also provides funding and other needed support to local community organizations and nonprofit groups. As Almeida sees it, these efforts are all a part of the same core mission.
"When you're handling the movement of money, trust is everything," says Almeida. "Our purpose is simple. We want to make a difference in our members' lives by helping them achieve financial wellness and well-being."
Contact Information
Member Service Center
frfcu@finresc.org
800-933-3280
SOURCE: Financial Resources Federal Credit Union
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/banking-and-financial-services/financial-resources-federal-credit-union-putting-people-first-1030600
