The First Financial Federal Credit Union Foundation (www.firstfinancialfoundation.org) recently awarded a $1,000 scholarship to Kevin Rogers of Ocean Township, who is currently attending the School of Criminal Justice and Public Administration at Kean University in Union, NJ.
Three winners were chosen overall for the First Financial Foundation’s 2013 Erma Dorrer Literary Scholarship.
This year’s scholarship topic was:
Due to heavy competition in New Jersey with banks and financial institutions on every corner, how can First Financial bring in new credit union members? How can we differentiate ourselves and successfully carry out a membership drive within the community to recruit new members? Please answer the question as if you were a First Financial executive – what would you do to educate the local community about the benefits of a credit union membership?
Applicants submitted a written essay or video clip to answer the question, and had to be a member of the credit union by 12/31/12 and about to attend for fall 2013 – or currently attending a 2 or 4 year college anywhere in the country.
Rogers submitted an essay explaining why First Financial should focus new membership on high school and college students. In his essay he stated, “Although most students generally have not yet achieved the type of financial stability it takes to be able to make large deposits, the contributions that they can make should be of particular interest to a credit union. The reason is that many high school students are interested in having part-time jobs during the school year as well as in the summer, and the schools are already educating them on how to effectively handle their own finances. Financial literacy studies are required for graduation in most high schools and for college students who are pursuing disciplines involving business administration with concentrations in finance and/or economics. In addition, bringing students into the credit union will introduce them to all First Financial has to offer – while financially educating and setting them up with various financial products for every stage of their future.”
“We are thrilled to be able to aid these admirable and bright young students in their journey of success and education,” said First Financial President and CEO, Issa Stephan. “Our credit union puts a high priority on education, after all – that’s how First Financial began 77 years ago, with a group of schoolteachers in Asbury Park.”