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CUs difference explained in Long Island paper
LONG ISLAND, N.Y. (4/08/08)--Credit unions compare well with other financial institutions, according to a Friday article in the Long Island Business News. A credit union’s main objective is to return value to its members, as opposed to for-profit companies that seek to primarily create value and income for shareholders, Kirk Kordelseski, CEO of Bethpage, (N.Y.) FCU, told the newspaper. Credit unions also offer business loans and other financial services to businesses, the article said. Many of Bethpage FCU’s business clients are members who started small businesses, such as plumbing or landscaping business, Kordeleski said. Bethpage FCU’s business loans are usually less than $100,000, he added. Credit unions offer a variety of services to employees of all sizes of businesses, Kordeleski said. Employees who start out using credit unions for checking accounts and auto loans often expand their relationship with credit unions to include mortgages, home equity loans and retirement plans, he added.
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