First Entertainment Credit Union
| Company type | Member-owned cooperative |
|---|---|
| Industry | Financial services |
| Founded | 1967 |
| Founder | Kenneth Mancebo |
| Headquarters | Hollywood, California , United States |
Area served | Los Angeles County, California |
| Products | Savings accounts, Checking accounts, IRAs, Money Market accounts, Personal loans, Vehicle loans, Platinum Visa® Credit Cards, Auto loans, Real estate loans, First Time Homebuyer Program, Coogan Accounts |
| Website | www |
First Entertainment Credit Union (commonly known as First Entertainment) operates as a state-chartered, member-owned retail credit union—a cooperative financial institution controlled by its members that offers credit at competitive rates alongside various financial services. Its headquarters are situated in Hollywood, California, and it is overseen by both the California Department of Financial Protection and Innovation (DFPI) and the National Credit Union Administration (NCUA).
History
The credit union was established in 1967 by Kenneth Mancebo together with employees from Warner Bros., starting with a modest $40 in assets under the name Warner Seven Federal Credit Union. In 1970, it was renamed Warner Bros. Employees Federal Credit Union. Following its 1973 merger with Columbia Employees Credit Union, the institution adopted the name Columbia/Warner Bros. Employees Federal Credit Union.
As its membership base grew to include additional entertainment firms, the organization rebranded in 1984 as First Entertainment Federal Credit Union. A significant merger with Screenland/MGM Employees Credit Union nearly doubled its assets, increasing from $40 million to $73 million.
Throughout the 1990s, expansion continued with further mergers involving A & M Records Employees, Six Flags Employees, Las Vegas Credit Union, and Paramount Studios Employees Federal Credit Unions. To better accommodate the evolving entertainment sector and its expanding membership, the credit union transitioned from a federal charter to a state charter and adopted the current name First Entertainment Credit Union. By 2022, assets had grown beyond $2.0 billion.
By 2023, First Entertainment serves close to 90,000 members affiliated with numerous entertainment companies and operates eight branches within the Los Angeles region. Three of these branches are located on studio lots at Warner Bros., Sony, and Paramount; additional locations include Hollywood, Burbank, Studio City, Culver City, and Santa Clarita.
Organization
First Entertainment is backed by insurance through the NCUA and is directed by a volunteer board elected from its membership base. It owns a subsidiary called Media Benefits Corporation (MBC), a Credit Union Service Organization (CUSO) authorized by NCUA to provide services extending beyond standard credit union offerings.
Under MBC operates Media Benefits Insurance Services (MBIS), which delivers insurance products such as auto, vehicle, renter’s, homeowner’s, and pet insurance to members.
Services
The credit union provides an extensive selection of financial products including Savings and Checking Accounts, IRAs, Money Market accounts, Personal and Vehicle Loans, Platinum Visa® Credit Cards, Auto Loans, Real Estate Loans, as well as a First Time Homebuyer Program. Members enjoy online access featuring e-Statements, e-Alerts, Bill Pay, Mobile Banking, Mobile Deposits, and online loan application capabilities.
Uniquely among financial institutions, First Entertainment offers Coogan Accounts designed to safeguard earnings for child performers as mandated by the California Coogan Act (SB 1162), which requires that 15% of minors’ gross income be preserved until they reach adulthood.
As part of the CO-OP network, members have access to funds at over 5,000 Shared Branch locations and 30,000 surcharge-free ATMs throughout the United States and Canada.
Membership
Membership eligibility includes both active and retired employees, along with their families, from companies served by First Entertainment. Organizations can request membership access through a Select Employee Group application available on the credit union’s website. Furthermore, most individuals residing, working, studying, or attending religious services within Los Angeles County qualify for membership.
The Family Membership option extends privileges to relatives not directly employed in the entertainment sector. This includes biological relatives, foster or adopted children, and domestic partners who satisfy residency and financial interdependence requirements. Family members enjoy the full range of membership advantages.
First Entertainment actively supports the entertainment community by sponsoring union and guild gatherings, film festivals such as the Burbank International Film Festival, forming affinity partnerships with client companies, and highlighting members and businesses through its online presence and social media platforms.