The Ghana Chamber of Commerce USA, Inc., (GCC-USA) has been added to First Ghana Federal Credit Union’s (FGFCU) field of membership. This makes all GCC-USA members eligible to become members of the credit union.
In addition to GCC-USA, several other Ghanaian entities including churches, mosques, associations, and organizations, among others, are also part of FGFCU’s field of membership. The common thread is the common bond of association, organization, and/or residents of Ghanaians in the Greater New York area. Thus, any person who is affiliated as a member to any of these entities is eligible to join the credit union.
First Ghana Federal Credit Union, was granted a Pre-Approved Federally Chartered License on April 13, 2012, based on “a multiple common bond field of membership charter” to establish and operate a credit union business in the state of New York, for the Ghanaian Community.
FGFCU also has a subsidiary - First Ghana Business Advisory, LLC, which is duly incorporated in the State of New York as Credit Union Services Organization (CUSO), that provides management advisory and consulting services to FGFCU.
Under NCUA Law, each prospective member must purchase at least one share of FGFCU’s Mandatory Ownership Equity Shares at the price of $25.00/share. The goal is to raise up-to $5 million, as regulatory capital to prove to NCUA that FGFCU has adequate regulatory capital to support and sustain its business during the initial stages of operation. Further, in accordance with NCUA’s regulation, this must be accomplished, before FGFCU can open its doors.
The maximum shares that an individual can purchase is 20,000 for $500,000. Please complete the Application Form and mail it with your check to:
First Ghana Business Advisory, LLC
P.O. Box 560
558 Grand Concourse
Bronx, NY 10451
Please make your check or money order payable to First Ghana Business Advisory, LLC
Please read the enclosed brochure carefully before purchasing shares of FGFCU.
If you have questions please contact: Mr. Joseph Adomakoh (914) 826-4623