Jersey Shore Federal Credit Union: Comprehensive Company Profile

Background

Established in 1963, Jersey Shore Federal Credit Union (JSFCU) is a member-owned financial cooperative headquartered in Northfield, New Jersey. With assets exceeding $234 million and a membership base of over 15,800 individuals, JSFCU offers a comprehensive suite of financial services, including savings and checking accounts, loans, credit cards, and financial education resources. The credit union operates five branch locations and four ATMs, primarily serving residents and businesses in Atlantic and Cape May counties.

Key Strategic Focus

JSFCU is dedicated to providing cost-effective financial services tailored to the needs of its community. The credit union emphasizes financial education, offering workshops and resources to empower members in managing their finances effectively. Additionally, JSFCU actively supports local initiatives, focusing on childhood welfare and scholarships, thereby reinforcing its commitment to community development.

Financials and Funding

As of December 31, 2023, JSFCU reported total assets of $234,425,491, with a net worth of $19,097,425, resulting in a net worth ratio of 8.15%, categorizing it as "well-capitalized." The credit union serves 15,865 members and operates five branch locations. In the fourth quarter of 2023, JSFCU achieved a net income of $1,322,321, reflecting its financial stability and effective management.

Technological Platform and Innovation

JSFCU offers a range of digital banking services, including online banking, bill pay, mobile payments, and remote deposit capture, ensuring members have convenient access to their accounts. The credit union also provides financial calculators and e-statements to assist members in managing their finances efficiently.

Leadership Team

• James Burns: Serving as the Chief Executive Officer, James Burns leads JSFCU with a focus on community engagement and financial education.

• Jack Hickey: As the Board Chairman, Jack Hickey oversees the credit union's strategic initiatives, including the Social Action Committee, which emphasizes community support and charitable activities.

Competitor Profile

Market Insights and Dynamics

The credit union sector in New Jersey is competitive, with institutions striving to offer personalized services and community-focused initiatives. JSFCU's emphasis on financial education and community support distinguishes it within this landscape.

Competitor Analysis

Key competitors in the region include:

• Atlantic Federal Credit Union: Headquartered in Union, NJ, with assets of approximately $244 million and over 16,000 members.

• Greater Alliance Federal Credit Union: Based in Paramus, NJ, managing assets around $243 million and serving over 22,000 members.

• North Jersey Federal Credit Union: Located in Totowa, NJ, with assets exceeding $232 million and a membership base of over 24,000.

These institutions offer similar financial products and services, making community engagement and personalized member services critical differentiators.

Strategic Collaborations and Partnerships

JSFCU collaborates with over 200 local businesses and organizations, enhancing its service offerings and community presence. The credit union's Social Action Committee actively engages with local charities, focusing on childhood welfare and financial education, thereby strengthening its community ties.

Operational Insights

JSFCU's strategic focus on financial education and community support positions it favorably against competitors. By offering tailored financial products and emphasizing member education, the credit union enhances member loyalty and attracts new members seeking personalized financial services.

Strategic Opportunities and Future Directions

Looking ahead, JSFCU aims to expand its digital banking capabilities to meet the evolving needs of its members. Continued investment in financial education programs and community initiatives will further solidify its role as a trusted financial partner in the region.

Contact Information

• Website: jerseyshorefcu.org

• Social Media:

• Facebook: JerseyShoreFCU

• Twitter: @JerseyShoreFCU

• LinkedIn: Jersey Shore Federal Credit Union

This comprehensive profile provides an in-depth look at Jersey Shore Federal Credit Union's operations, financial health, and strategic initiatives, highlighting its commitment to serving the financial needs of its community.