The Alternative Press

NEW PROVIDENCE, NJ - The broad economy may be in a state of flux, but Advanced Financial Federal Credit Union CEO Alan Feigenbaum says his institution is staying on track.

“Advanced Financial has been around for 46 years,” says Feigenbaum, who served as the New Providence-based credit union’s commercial lending officer for six years before being appointed to the top spot in January 2011. “During that time we’ve maintained a philosophy of staying consistent while adapting to members’ needs.”

Membership is open to anyone who lives, works or worships in Union County, he notes, adding that as a lifelong New Jersey resident, “I’ve always been involved in the community, and that’s helped me to have a good handle on the needs of our members.”

Recent challenges involving large banks have helped to drive more people to member-owned credit unions, says Feigenbaum.

Despite that, while Advanced Financial welcomes increased membership, “We want to be able to continue to provide highly personalized service to our member-owners,” he says. “By controlling our growth we can maintain that commitment.”

Advanced Financial offers a full suite of banking services, including checking, savings, mortgages and personal and business loans. The credit union is also working on expanding its online services to make it even easier for customers to do their banking at a time and place that meets their needs, according to Feigenbaum.

“We’d like to get the word out so that people are aware that we are open to the public in Union County,” he says.

Feigenbaum has been involved in financial services for most of his working life.

“Before joining Advanced Financial, I was involved in banking, which gave me a deep understanding of the ins and outs of loan servicing and other aspects of the business,” he recalls. “Joining Advanced Financial was a pleasure because it brought me back to my roots in community banking, where small businesses and individuals are the primary customer base. We have been actively lending money and also trying to give the best savings rates possible to our members.”

Besides being in an industry he likes, Feigenbaum’s also happy to be in New Jersey.

“This state has a vibrant economy, with a large, diverse mix of business and employers,” he says. “As a result, our credit union is able to help many people from a variety of backgrounds, including doctors and other healthcare professionals, engineers, telecommunications workers and others.”

New Jersey also recently took steps that will let credit unions handle some transactions for municipalities, something that was previously restricted to banks.

“It’s something that we’ll consider in the future,” he says. “But right now we’re still maintaining our local focus on individuals and small businesses. The approach of local people making local decisions for local members has served us and our members very well, and we plan to keep doing that.”