"5 Questions" is an occassional feature in which we ask five questions of Downey business and community leaders. This week's participant is Nader Moghaddam, CEO of Downey-based Financial Partners Credit Union. The interview took place shortly after the July 4 holiday. 1.) How did you get into the credit union business? After going through a couple of financially rewarding but emotionally frustrating bank mergers, I was contacted by a search firm that wooed me into considering and eventually accepting a position at a credit union back in 1998. I discovered that the credit union philosophy of people helping people, which places members needs above all, had a significant appeal. It was something that I could get emotionally connected with.
2.) What is the primary difference between a bank and credit union? The primary difference is in the ownership and governance structure. At a credit union, the members are part owners of the organization. Whereas at a bank, the customers don't necessarily have an ownership stake and bank management is answerable to stockholders. Credit unions are not for profit cooperatives. As such, they are not conflicted in placing the interest of their member above all because they are one and the same.
3.) Why is community service important to you? We are a grassroots organization by nature and structure, and given our philosophical orientation we seek community involvement as a natural extension of our organization. We are proud to be part of so many positive things in the Downey community and are delighted to see so much pride and passionate care among the community leaders and the residences of this wonderful city.
4.) Have you found the Downey Patriot to be beneficial in getting Financial Partners' message to the community? I feel that the community is very fortunate to have a voice like the Downey Patriot. The newspaper brings the community together and highlights collaboration in its efforts to build a better tomorrow. The Downey Patriot has been a great source for connecting with the community and we consider it a key channel in reaching our audience.
5.) How did you spend the Fourth of July? I spent the holiday with my wife, nine-year-old daughter, and a patriotic group of extended family. We had a BBQ in celebration of our wonderful country and the good that it stands for.
********** Published: Aug. 1, 2013 - Volume 12 - Issue 16