Difference between revisions of "Bethpage Federal Credit Union"

Revision as of 21:05, 30 October 2013

The Bethpage Aircraft Federal Credit Union was founded in 1941 to service the employees of Grumman Plant #2 as a nonprofit group owned by their members, instead of shareholders. It was chartered, and the first day, October 28, 1941, 114 members deposited $413.50. By the end of that year, more then 400 members had saved $4,705.00. Membership grew and Plants #1 and #2 merged, adopting the name, Bethpage Aircraft Federal Credit Union. In the final year of the decade (1940's), the credit union had 3,280 members and assets of more than $618,000.00 and loans of $360,000.00.

In the 1940's the foundation was laid.

A Grumman employee paid 25 cents to enjoy the advantages of membership in the credit union. They could save and borrow money and they were able to set up a payroll deduction plan up to $9.00 a week with competitive interest rates of 2 1/2 %. By the end of the 1950's the credit union had loaned over $22,000,000.00 since opening day in 1941. The first credit union office was located on the upper level in plant #2, and they had representives go to Plant #1 and #3 to provide service.

The 1950's - Building on Service.

By 1961, membership and the volume of transactions had grown and automatic accounting machines were installed. In 1965 the credit union moved into a separate building adjacent to Plant #2, and expanded the hours of service for member convenience. Five tellers served Bethpage's 17,000 members.

The 1960's - In Transition

Reflective of the diversification of the Grumman products, the name "Aircraft" was removed in 1974. Bethpage Federal Credit Union now served over 24,000 members. Checking accounts, VIP lines of credit, term savings and vacation savings programs were offered. In 1979, members had the opportunity to have a Bethpage VISA card, and BFCU's own in-house data processing system was installed.

The 1970's - New Technology

In the 1980's the BFCU had its own automated teller machines, known as The Safe Place. Within 10 years electronic networking enabled members to access their accounts at more than 50,000 locations. Product line expanded with IRAs, FIMMA, fixed and adjustable rate mortgages, home equity lines of crdit, and preferred member loan rates. Anyone with a touch-tone phone could bank at home.

The 1980's - Electronic Convenience

In the 1990's, state-of-the-art technologies established to keep costs down and provide valuable services.

The 1990's - Into the Future

Above information is taken from the Bethpage Federal Credit Union 1990 Annual Report - An Anniversary Album.

Over the years the credit union grew in membership and services. On Stewart Avenue a new building was built to house the credit union it soon had to be expanded to accommodate the growth. A new building on 899 South Oyster Bay Road was completed and grew to provide services to almost all of Long Island, as well as, 22 branch offices were established throughout Long Island by 2010. BFCU, in 2010, is the nation's 21st largest credit union and the fifth largest financial institution based on Long Island, and continues to offer the same services as a full-service bank.

For more current information access The Bethpage Federal Credit Union on the internet.

The Sixth Annual Bethpage Federal Credit Union New York Air Show will take place Memorial Day weekend 2009 at Jones Beach State Park. scheduled performers include: the Canadian Forces Snowbirds; the U. S. Army Parachute Team - the Golden Knights; the Air Force Reserve Biplane Show with Ed Hamill; the Geico Skytypers, a squadron of six vintage World War II airplanes; American Airpower Museum Historic Warbirds; Warbirds Over L. I., and the John Klatt-Air National Guard Aerobatic Team. Civilian demonstrators include Sean Tucker and Team Oracle, named a "Living Legend of Flight" in 2003 by Smithsonian Air & Space Museum: Pilot Bill Reesman and the Red Bull MIG-17F; Aerobatic Pilot Matt Chapman; and the Red Bull Helicopter performing back-flips, barrel rolls and more. visit www.jonesbeachairshow.com.

April 2011 - The BFCU received the Diamond Award, the highest accolade, at a recent trade association conference in Las Vegas. The award was given at the 18th annual Credit Union National Association Marketing & Business Development Council conference. The award was given for the branding and corporate identity category for its 2010 re-branding effort and multimedia marketing campaign. This included the new logo, a new tagline, Beth and Paige, two personalities that embody exemplary customer service.

Above Information from NEWSDAY - April 1, 2011

Bethpage Federal Credit Union honored with five industry awards including coveted Diamon Award (Information from the BETHPAGE TRIBUNE April 8-15, 2011)

In 2011 BFCU is the largest Credit Unions in the state. The BFCU capitalized on the ill feelings toward big banks after the subprime mortage debacle, bank bailouts and fees. The BFCU set a net income record of $41 million, up from $38 million in 2010. As deposits grew 13 percent to $3.6 billion. Increase of 7.5% in loans over 2010 (including mortgages). There were 3 new branches opened in 2010 which brings the total to 25 branches with four more scheduled to open later this year. Information from NEWSDAY, Thursday, January 19, 2012