Chadds Ford, PA — Franklin Mint Federal Credit Union (FMFCU) celebrates 50 years in 2020 of serving members in the Greater Philadelphia Region.
Chartered on March 30, 1970, FMFCU began as a credit union serving one partner organization — The Franklin Mint (Collectibles) Company. Today, the Credit Union has 2,500 partner groups, 110,000 members, 350 employees, and 17 full-service branches.
“At every turn whatever the decade, FMFCU maintained a singular focus across the organization,” explained President and CEO Michael B. Magnavita, CPA. “Improve the lives of members through financial education, products, retail delivery channels, and exceptional member service at every touch point.”
Over 50 years, FMFCU has captured many local and national awards, including Federal Credit Union of the Year by National Association of Federal Credit Unions. The Credit Union has been applauded for its commitment to financial literacy through its Community Education and Adult Education Departments, building a financial literacy center, and sponsorship of Delco Hi-Q, the oldest continuous academic quiz competition in the United States.
“Back in 1970, there were 26,000 credit unions in this country,” noted Magnavita. “Currently, there are 5,349. FMFCU is proud to be one of them and growing with each passing year.”
FMFCU surpassed one billion dollars in total assets as of June 30, 2016, presently ranking ninth in asset size in Pennsylvania among credit unions.
“Achieving one billion dollars in total assets was important,” said Magnavita. “It reaffirmed our dedicated program of growth and diversification that resulted in strategic increases in assets, membership, products, and services over time.
FMFCU also formed two Credit Union Service Organizations that continue impacting the credit union industry. In 1986, FMFCU formed State Financial Network, LLC to offer mortgages and services to other credit unions and their members. More recently in 2013, the Credit Union Network for Financial Literacy was created to offer The Berenstain Bears Financial Literacy Program to credit unions.
“It is because of the loyalty and support of our members FMFCU has reached this 50-year milestone,” shared Magnavita. “Despite ebbs and flows of the economy and financial industry over five decades, FMFCU has remained committed to helping individuals, families, and businesses achieve their financial goals.”