Media Contact:

Michelle Hopkins

845.602.4737

mhopkins@palisadesfcu.org

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Management/Directors

Corporate Profile: Palisades Federal Credit Union started out as the Lederle Employees Federal Credit Union. Lederle EFCU was originally charted in 1941, by a small group of employees of the American Cyanamid Company. They were dedicated to building a financial institution that would provide outstanding financial services at the lowest possible cost.

Over the ensuing years Lederle Employees Federal Credit Union grew to include the immediate family members of existing members and took on newer products and services. In 1996 LEFCU changed its name to Palisades FCU and PFCU began to acquire new Select Employee Groups into its field of membership.

In June of 2002 Palisades became the first federal community chartered credit union in Rockland County to serve all persons who live, work, worship, or attend school in Rockland County, New York. Today, with two (2) branch locations, just under $156 million in assets and access to over 35,000 ATMs nationwide PFCU has become the largest Rockland County based Credit Union.

What is a Credit Union (as defined bt the NCUA): Credit unions are financial institutions formed by an organized group of people with a common bond. Members of credit unions pool their assets to provide loans and other financial services to each other.

Credit unions differ from other banks in several ways:

Credit Unions	Other Financial Institutions
Not-for-profit cooperatives	Owned by outside stockholders
Owned by members	Owned by outside stockholders
Operated by volunteer boards	Controlled by paid boards

These factors allow credit unions to pay dividends to their members (not shareholders) and offer them lower loan rates, higher savings rates and fewer service fees.