Our Mission
The mission of the Pingry Credit Union (PCU) is to promote financial wellness and provide financial tools to the Pingry community. Through our partnership with Affinity Federal Credit Union, we provide access to credit union accounts at an institution whose primary concern is to fulfill the needs of its members. To promote financial wellness, the PCU hosts a financial literacy series where we present on a range of topics to increase the financial awareness of our community.
Our History
Spring 2013 - Initial discussions regarding the creation of a credit union.
Winter 2014 - Met with Edward E. Ford Foundation and pitched the concept of a credit union.
Fall 2014 - Began to discuss the concept of the credit union with various elements of the Pingry community and conducted an initial community survey which received over 600 responses.
Winter 2015 - Raised $100,000 in grant capital consisting of $50,000 from the EE Ford Foundation which was matched by $50,000 from a Pingry fundraising campaign.
Spring / Summer 2015 - Hired a CEO, Mr. Pete Steffens, to assist with the credit union application process and, if a charter is obtained, to assist with the operation of the Pingry credit union. Mr. Steffens, a former bank president who also has experience as a bank regulator, and currently teaches at Seton Hall University as a professor of money and banking. Additionally, we presented to the Pingry Board of Trustees and obtained approval to continue working on the project.
2015-2016 School Year - Received approval from the National Credit Union Administration for our Field of Membership (which is the description of the people who would be eligible to join a Pingry credit union). This is the first of many approvals that would be required to ultimately receive a charter to begin operations. We have continued progressing through the other tasks required in order to be able to apply for charter approval, such as creating the necessary policies and formulating our business plan and financial models.