As the President & CEO of The Finest FCU and CEO of the New Jersey State PBA FCU, Keith Stone has played a crucial role in shaping financial services tailored specifically for law enforcement communities in New York and New Jersey. Born and raised in Brooklyn and now a Marlboro, NJ resident, Keith’s story is deeply rooted in community service and growth. From his early days at the humble credit union operating out of his apartment building to leading major financial institutions, his journey is a testament to the profound impact of the credit union philosophy of “people helping people.” Explore how Keith’s lifelong dedication to service and community development has driven his career and fueled his commitment to enhancing the financial well-being of credit union members.

Can you share a brief introduction about yourself, your background, and your professional journey?
My name is Keith Stone and I’m the President & CEO of The Finest FCU and CEO of the New Jersey State PBA FCU, a newly chartered federal credit union. My wife Jackie and I have been blessed with 4 children. I was born and raised in Brooklyn, but have been residing in Marlboro, NJ for the past 25 years.

My credit union journey started as a high school student while working at Warbasse Cooperative FCU, a small federal credit union located in an office in the apartment building I lived in. It was open one night a week and we used one Radio Shack Tandy computer to run the credit union. It was here that I learned firsthand the mantra “people helping people” and the true effect that a credit union has on its community.

I started working for a local community savings bank, Greater New York Savings Bank, and maintained both jobs while attending CUNY Brooklyn College. Upon graduation, I immediately started my professional career working in many capacities for Smith Barney, Bear Stearns, Merrill Lynch, Consumers FCU, and Chinatown Federal Savings Bank.

In January 2015, I had the opportunity to be part of a team that chartered The Finest FCU, which serves New York State law enforcement. As a founding member, I was directly responsible for all start-up processes and systems. I provide strategic direction, vision, leadership, and management in all areas of operations. Today, The Finest FCU is a $30MM credit union with 8,600 members.

In November 2022, I was introduced to the president of the New Jersey State PBA, who was interested in starting a credit union for members. As of February 23, 2024, the New Jersey State PBA FCU was chartered. I have the privilege and honor to serve as the CEO for both law enforcement-based credit unions.

What drew you to the credit union industry?
My parents had a membership at the credit union in the apartment building we lived in. I always looked forward to visiting with my father. We were always treated like we were part of their family, and I always remembered my father telling me how much the “credit union people” helped him.

What motivated you to join the Association’s board of directors?
I wanted to contribute to our New York State credit unions. There were many credit unions that have helped me in my career, and I wanted to give back and be part of something bigger than myself.

In your view, what makes the Association distinct from other financial associations?
The Association is a family of our NYS credit union “peeps.” We have a great camaraderie where we help each other personally, our respective credit unions, and our communities.

Why are credit unions important to New Yorkers and the broader community?
The Finest FCU is a Community Development Financial Institution (CDFI) that helps members of our law enforcement community with services that they can’t receive elsewhere. This includes lending to individuals who have nowhere else to turn to than payday lenders. We also aren’t looking to “push” loans on our members. We speak to and financially educate all NYPD officers, up to 2,200 new recruits annually.

We stress to the new recruits that there are only 3 reasons to take a loan: to help purchase the equipment required to do their jobs, to pay off high-interest debt, and to build up their credit if they don’t have a credit history. Most banks and other financial organizations don’t subscribe to this same methodology.

What Association initiatives or projects are you most excited about?
Our EXCEL initiative is amazing. Most people couldn’t imagine the hard work that goes into planning, scheduling, and executing this event. Kudos to our President & CEO Bill Mellin and his awesome team of dedicated professionals for making this happen. EXCEL includes a tremendous collaboration of talented individuals, credit unions, and vendors, all mixed into a beautiful setting for the sake of promoting fun, education, and advocacy in our NYS credit union arena.

What advice would you give to someone considering a board position with the Association?
GO FOR IT! If you’re considering it, you already have most of what it takes. Sometimes we have to be uncomfortable for a short while in order to expand our horizons and grow. Being a board member gives me the rewarding opportunity to work with brilliant credit union-minded people which ultimately helps me and my credit unions.

In what ways has your experience on the board been rewarding?
I have been able to learn many new credit union strategies from my peers. In turn, I hope that I can convey my experience and benefit others. Moreover, at every board event, I leave feeling invigorated over the entire NYS credit union movement.

Outside of your professional life, what are some of your passions or hobbies?
I spend as much time as possible with my wife and children. This can be as simple as sharing a meal together. I also try to get out and walk several times a day.

What’s one way someone can understand the world of credit unions better?
I would recommend visiting as many credit unions as possible and walking through, observing their unique cultures, speaking to their staff, and reading their pamphlets and literature. Every credit union has its own “flavor” and offers a different spin on our beautiful credit union world.

Any additional information you’d like to share?
The best part of my day can be helping a member with something as simple as resetting their home banking password or explaining the difference between their checking and savings accounts. Many times, we are caught up in high-level issues, [so] when I’m working with our members, I’m pleasantly reminded of the reasons why we do what we do.

In my specific law enforcement credit union world, it’s always an honor and privilege to help those who valiantly serve us.

Our conversation with Keith Stone highlights his significant contributions to the credit union sector, particularly in services tailored for law enforcement communities. As the leader of The Finest FCU and The New Jersey State PBA FCU, Keith’s approach emphasizes the unique community support role that credit unions fulfill to enhance the well-being of their members. His involvement in the Association’s board of directors showcases the cooperative and supportive values of the credit union movement.