LOS ANGELES -- Because many firefighters have side businesses, Los Angeles Firemen's Credit Union felt the time was right to launch its own business services division.
The $750 million credit union will offer a full suite of products including business share accounts, checking accounts, share certificates, money market accounts, a debit card rewards program with limits of up to $5,000 on signature transactions, term loans, lines of credit, business vehicle loans, business platinum Visa cards, commercial real estate services, commercial vehicle buying services, financial planning services, and merchant card and payroll processing services.
"Many firefighters have the opportunity to have a side business due to their shift schedules, thus giving the credit union a great opportunity within this business unit," said Michael Mastro, president/CEO.
The credit union said it conducted a survey a few years ago to gauge member interest in business services. Thirty-three percent said they would bring over their business relationships if the credit union offered business services.
"We wanted to have the unit in-house in order to control the service quality and product line," said Richard Romero, LAFCU's chief operations officer. "We know and understand the needs of our members and could tailor our offerings accordingly along with bringing additional bottom line profitability to the credit union."
Founded in 1935 to serve the Los Angeles City Fire Department, the credit union has since expanded its charter to include all full-time, paid, professional firefighters and their immediate family members within the state of California. The credit union serves more than 23,000 members.