First Entertainment Credit Union (or First Entertainment) is a state-chartered, natural person (retail) credit union – a cooperative financial institution owned and controlled by its members and operated with the objectives of promoting savings, competitive Provides credit at interest rates, and other financial services to its members. First Entertainment Credit Union, headquartered in Hollywood, California, is authorized both the California Department of Financial Institutions (DFI). And the National Credit Union Administration (NCUA), an agency of the US federal government. , controlled under.
History
First Entertainment Credit Union was founded in 1967 by Kenneth Mancebo and other Warner Bros. studio employees—starting with only $40 in assets in a small Warner Bros. office. Previously known as Warner Seven Federal Credit Union, the name was changed to Warner Bros. Following the merger of the Employees Federal Credit Union in 1970 and the Columbia (Studio) Employees Credit Union in 1973, the Columbia/Warner Bros. Employees Union was formed.
As the credit union grew, so did the number of people eligible for the services offered. In 1984, the credit union’s name changed to First Entertainment Federal Credit Union. After another merger, this time with the Screenland/MGM Employees Credit Union, First Entertainment’s assets nearly doubled in size – from $40 million to $73 million.
Strong growth continued through the 1990s as the institution merged with A&M Records Employees Federal Credit Union, Six Flags Employees Federal Credit Union, Las Vegas Credit Union, and Paramount Studios Employees Credit Union. In an effort to better serve the entire entertainment industry as well as meet its growing membership, the credit union changed from a federal to a state charter. The institution, now known as First Entertainment Credit Union, saw its assets exceed $400 million in 2002.
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Organization
First Entertainment insured by the NCUA and governs its membership and a board of volunteers elected by it. The credit union also manages a separate wholly owned subsidiary, Media Benefits Corporation (MBC), which operates as a Credit Union Service Organization (CUSO). CUSO was found by the NCUA to advance product offerings for credit unions that would normally be outside the purview of a credit union.
Media Benefits Insurance Services (MBIS), a wholly owned insurance service of First Entertainment, operates under the credit union’s CUSO MBC and provides auto, vehicle, renters, homeowner and pet coverage to its members.
First Entertainment Credit Union: Services
A full-service financial institution, First Entertainment Credit Union offers a wide range of products and services such as Savings and Checking Accounts, IRAs, Money Market, Personal and Vehicle Loans, Platinum Visa® Credit Cards, Auto Loans, Real Estate Loans, and first-time homebuyer program. First Entertainment Credit Union provides its members with online account access and electronic services such as e-statements, e-alerts, bill pay services, online tutorials, mobile banking and mobile deposit. Members can also submit loan applications online and prospective members can apply for membership online.
First Entertainment is also one of a handful of financial institutions that offer Coogan accounts. Designed to protect child actors’ earnings, the Coogan Act (SB 1162) stipulates that each time a youth performer works under an entertainment contract, 15% of their gross earnings must save, direct deposit. . , And, although the fund is the legal property of the minor, it should keep in touch until they reach the age of legal majority.
As part of the CO-OP network, US Credit Union has 5,500 7-Eleven® locations across Canada, including approximately 30,000 surcharge-free ATMs. Plus, First Entertainment, in collaboration with more than 400 credit unions nationwide, allows members to conduct financial transactions at more than 6,700 shared branches through the Cooperative Shared Branch network.
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Membership
Membership of First Entertainment Credit Union is open to current and retired employees and their families of companies served by First Entertainment. Companies can apply for membership by submitting a questionnaire for select employee groups at the First Entertainment Credit Union Web site. And in addition, most individuals who work, live, attend school, or worship in Los Angeles County are also eligible to join.
Credit union family membership allows relatives of members to join, even if they do not employ in the entertainment industry. And According to credit union bylaws, a family member includes “any relative by blood or marriage, or foster and adopted children or domestic partners of a primary credit union member. And” Domestic partners define as partners who have lived together for six months and state that they are financially dependent.
First Entertainment supports the entertainment community by sponsoring local film festivals including the North Hollywood CineFest and the Burbank International Film Festival, building relationships with their companies and engaging regularly with members and companies through its website, social media and quarterly newsletter. formally joins.
Services of First Entertainment Credit Union
First Entertainment is one of a handful of financial institutions that offer Coogan accounts. The credit union offers a wide range of products and services which are: money market, banking accounts, savings, credit cards, and vehicle loans. First Entertainment Union provides online electronic and account services such as bill payment services, tutorials, etc. to its members. First Union is one of a handful of financial institutions. As part of the network of credit unions in the US. It provides access to surcharge-free ATM locations, it operates as a financial cooperative. Sangh provides financial solutions which are loans, debit cards, online banking and other services.
And The credit union serves communities in the State of California. First Credit Union is constantly looking for ways to positively impact members. So First Entertainment supports those employees with the same dedication to excellence. At First Entertainment Union, we believe that careers matter. You can get many of your financial services from other credit unions that participate in the network.
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