February 27, 2012
By Marc Bussanich, LaborPress City Reporter
First Trade Union Bank (www.ftub.com) likes to pride itself on big bank sophistication wrapped in small bank customer service. It offers all the products one expects to find at the national brands, but delivers them with a commitment to service more often found in a community bank.
Michael Fina, Vice President, noted that the institution has been serving union funds, locals and members for over 25 years. Originally founded in New England to serve the needs of the local community it has evolved into a bank that today serves customers in all fifty states.
“First Trade is a 100 percent union-owned community bank. Not many banks can make that claim,” said Fina. “In addition, about 30 percent of the bank’s employees are members of the United Food & Commercial Workers Union local 1445.”
About five years ago, First Trade Union Bank expanded its presence in New York and invested into opening two locations on Long Island, one of which is located in New Hyde Park.
By combining state of the art technology with the connectivity of the Internet, First Trade is able to offer its customers the ability to do their banking without leaving the office. Union locals and fund offices are provided remote deposit scanning machines which allow checks to be deposited directly through their computer. Each customer’s banking requirements are evaluated and recommendations are made to minimize any servicing costs.
Throughout its history, the bank has developed a reputation for providing best in class Cash Management services and a dedicated relationship management team for union locals and pension funds. Whether the need is for a simple business banking account or much more sophisticated products for a multi-billion dollar pension fund, their team is available to make sure the customer’s experience is second to none.
The bank is also extremely proud of its Union Affinity Program whereby it leads seminars to educate both union business agents and members on a variety of financial topics.
“A business agent who started out as an apprentice may have little or no training on managing a small business. Our seminars teach business agents the skills to manage their local’s budget,” says Fina.
In addition the bank partners with service professionals to sponsor other educational seminars that range from fraud detection and prevention for the businesses to retirement planning and credit counseling for the rank and file.
First Trade is also readily available to create innovative solutions for its union partners. When several building trades locals inquired about a less costly solution to collect member dues via credit card, the bank developed an online service that eliminated the need for merchant swipe machines and allowed members to input their credit card information at their computers securely and conveniently.
Michael Fina, Vice President / Institutional Banking for First Trade Union Bank, works in the company’s New Hyde Park office and is responsible for generating new relationships with public and private sector unions throughout New York State. Mr. Fina can be reached at 516-874-9601 or mfina@ftub.com. In the coming months, Mike will be providing commentary and insight into banking issues and how they impact union organizations.
