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Press Release May 29, 2013


Laura Woods

1st Financial Federal Credit Union Announces 2013 Scholarship Winners

May 29, 2013 - 1st Financial Federal Credit Union located in St. Charles, Hazelwood, downtown St. Louis, and Wentzville is excited to announce the winners of the 2013 1st Financial Federal Credit Union Horizon and Right Stuff scholarships.

For 14 years 1st Financial has awarded a $1000 scholarship to a graduating high school student to be used at the college or university of their choice. The Horizon scholarship is given to a student who is a member at 1st Financial with an exceptional academic history and evidence of a strong presence in their school and community. The applicants are also asked to write a short essay concerning how credit unions are a better choice for consumers. This year the Horizon Scholarship was awarded to Melanie Moore, a graduating high school senior from Hazelwood West high school and 1st Financial Federal Credit Union member. Melanie plans to attend Missouri University of Science and Technology this year with an anticipated focus in Ceramic Engineering.

The 1st Financial Right Stuff Scholarship is awarded to an attending college student and 1st Financial member between the ages of 19 and 24. Applicants were asked to write an essay based on the impact of credit unions on the United States economy, as well as present evidence that they are involved in community and school activities with a strong focus on academic achievement.

The $1000 scholarship was awarded to James Vigland of Hazelwood. James attends Missouri State University and expects to graduate with a degree in Accounting and Economics by May of 2015.

In his essay, James wrote, "Banks are businesses. Their product is money and they operate to maximize profit. Credit unions are tax exempt, not for profit organizations, run by its members to serve its members. With profit not being the priority, it leaves room for lower interest rates. Instead of pocketing any profit made, it is distributed to the members via dividends. Every choice is made for the financial protection of its members. Today, credit unions still provide one of the most reasonably priced options for obtaining loans."

Mary Jo Garofalo, Chief Operations Officer of 1st Financial Federal Credit Union recently said, "Supporting college students today helps build future leaders of business for tomorrow. As a credit union, we feel strongly about financial education and literacy." 1st Financial Federal Credit Union utilizes many tools, such as the StepOne Checking and Savings account, specifically for teens, to stress the education of managing money. Empowering and cultivating young adults with financial education is merely the first step in ensuring that they are able to make sound and valuable financial decisions as they mature into adulthood.

To learn more about how 1st Financial is serving their community, visit them online at or call (636) 916-8300 to speak with a Member Service Representative.


About 1st Financial Federal Credit Union

1st Financial Federal Credit Union is a member-owned, not-for-profit financial cooperative with over 30,000 members and $230 million in assets, committed to providing quality services to the membership while demonstrating safe and sound business practices. For over 40 years, 1st Financial has provided members with a full line of dependable financial products and services which return profits to the member in the form of lower rates on loans and higher savings yields..

1st Financial Federal Credit Union was chartered on September 3, 1968 as District 837 Credit Union by the International Association of Machinist members employed by McDonnell Douglas. Today, 1st Financial is a full service financial institution dedicated to helping our members achieve their financial dreams. We serve those who live, work, worship, attend school in or regularly do business in the City of St. Louis, St. Louis County and St. Charles County, Missouri and a wide array of companies throughout the St. Louis metropolitan area. Deposits are federally insured by the National Credit Union Administration (NCUA), an agency of the U.S. Government.

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