On Monday, October 13, 2025, North Jersey Federal Credit Union an agreement with Cooperativa de Ahorros y Credito Maimon, Inc. (CoopMaimon, a credit unions in the Dominican Republic). The festive celebration resulted in a partnership which will strengthen international cooperation and establish best practices between these credit unions. As of this signing, CoopMaimon joins Cooperative La Vega Real as Dominican Republic credit unions, partnered with NJFCU.
The latest agreement promotes the socioeconomic development of the communities served by both institutions through mutually beneficial education programs, financial innovation, and social impact projects. The underlying philosophy of this partnership is: “Members helping members.” In this case, it is credit unions helping credit unions to help their members. Credit unions cooperate with one another to benefit their members. Banks, however, compete against one another to benefit their shareholders.
Mr. Richard García, CEO of North Jersey Federal Credit Union and Mr. Ramón Alberto Cabral, Chairman of the Board of Directors of CoopMaimón; represented their financial institutions as signatories of this groundbreaking partnership.
Executives who participated, included: Alfonsina Morel, Vice President of Lending at NJFCU, and CoopMaimon’s main panel; Executive Director, Irma Grullon, Mr. Sandi Rafael Robles, and Isabel Peña. Also in attendance were directors, founding members, collaborators, and members of sister cooperatives in the region, as well as the media.
During the event, representatives from both institutions emphasized that this alliance allows them to share knowledge, develop educational projects, and strengthen cooperative leadership, reaffirming their commitment to igniting progress within their communities. The north Jersey region has a large Dominican population which can benefit financially, while still maintaining ties to the country in which they have been traditionally rooted.
“This agreement represents a firm step toward CoopMaimón’s international expansion and the solidarity-based integration of sister cooperatives, joining forces to generate collective well-being,” said President Ramón Alberto Cabral.
NJFCU CEO, Richard García, stated that, “this collaboration reflects the true spirit of cooperation, strengthening the ties between two institutions committed to education, inclusion, and community development.”
While in the Dominical Republic, CEO Richard Garcia and VP of Lending, Alfonsina Morel, visited with our established sister insititution, Cooperative La Vega Real. La Vega Real was represented by its Executive President, Mr. Yanio Concepción, and Chief Operating Officer, Mrs. Maria Eugenia Acosta.
At the meeting, both institutions reviewed the progress of the initiatives and projects contemplated in their continued agreement, having formalized a Memorandum of Understanding in 2024. October’s meeting planned for the development of new, strategic opportunities and ensuring long-term advancement in their respective communities.