In September of 1935, the Albany Firemen took a giant step in controlling their own financial future. They formed the 609th federal credit union in the United States. Of the 800 credit unions that were formed that first year, we currently are 1 of 104 still remaining. There have been over 25, 000 credit unions throughout the last 80 plus years and currently there are just over 5, 000 serving members at this time.
The first loan granted in November of 1935 was for $2.50. This loan was paid back at the rate of 5 cents a week. The opening of a bank account of 100 members with $400.00 shows how eager members were to support their own futures with financial stability. That stability has lasted for over 86 years. The credit union has changed over the years but its original intent of members helping members continues today. We have come a long way from the $2.50 loan to home equity loans up to $75, 000.00 So has the market of loans. We loaned money from the first loan used for clothes to a loan for an airplane.
The credit union served its members for over 50 years from a firehouse. Currently we are operating out of 4 branches with our newest in Manhattan. This change has brought about stable hours and the ability of the credit union to serve our family members. From two days a week to five days a week with over 22 million in assets.
The Board of Directors is committed to service first when dealing with our members. We make this commitment with our skilled employees using individual offices to give each member total attention. The changing economics of this country to world economics has made financial institutions fall, merge, or close their doors. We believe the conundrum of economics is here to stay for a while longer. We have taken our position to be responsible for our dividends and interest rates to give the best rates as always to our members, without jeopardizing the stability of the credit union.
The ubiquitous financial market has forced the credit union out of the household loans that used to dominate our loan portfolio. We are dominated by car, truck, boat, and home equity loans, which are almost endless in value.
We have indeed changed from collecting envelopes in the firehouses for loan payments and deposits to direct deposits of paychecks and retirement payments. Our services to our members has grown but our commitment to personal attention is the foundation upon which we developed our reputation.
We are proud to be firefighters helping firefighters with their financial needs. The history of a firefighter credit union serving firefighters is something that we all can be proud of. Let the history continue.
Changes to the Property Value could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
You can change the property value by moving the Property Value slider up or down or by entering a new Property Value manually in the Property Value box.
When you change the Property Value, only the LTV will change, and the Loan Amount will remain the same Loan Amount.
Other advanced sliders’ options are available with Lendersa® Advanced Calculator
CloseChanges to the loan amount, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
CloseLTV is the abbreviation of Loan To Value, and it is the ratio between the Loan Amount and the Property Value. The formula to calculate LTV is Loan Amount divided by the property value. 
Example: Loan Amount $300,000, Property value $400,000 
Changes to the LTV, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
Close
The drum of the realization of the promise is beating, we are sweeping the road to the sky. Your joy is here today, what remains for tomorrow? The armies of the day have chased the army of the night...
NMLS 1795154