CELEBRATING 70 YEARS
The year was 1955. Long Island was growing by leaps and bounds in the post-World War II economy. You could buy a new car for $1,900 or a new home for about $10,000. If you brought a date to see “Rebel Without A Cause” or “Lady and the Tramp,” two tickets cost a dollar. From our 2025 vantage point, these prices seem insanely low. However, keep in mind that in 1955 the median household income was only $4,400.
This was the same year that a group of LILCO employees founded a credit union in a small room at the company headquarters to serve the financial needs of their fellow employees and their families. The credit union grew slowly through its first decade as it reached $1 million in assets. Then, in the 1980’s, it was renamed Island Federal Credit Union.
Since that time, Island Federal has grown to over $1.5 billion in assets, serves more than 50,000 Members and offers an extensive menu of products and services to meet the needs of our Members. But what truly distinguishes Island Federal from other financial institutions is our focus on Member service. At Island, the Member always comes first.
Whether you have been a Member of Island Federal for decades, years or just a few days, we sincerely thank you for your Membership. It is support from Members like you who have enabled Island Federal to grow into the successful credit union it is today.
Craig A. Booth
President/CEO
P.S. To celebrate our 70th Anniversary, each month we’re giving away $70 VISA® Gift Cards to 10 Members selected by a random drawing. Learn more HERE.
WHY ARE HELOCS SO POPULAR?
More Long Island homeowners are using the equity in their homes as a financial tool to cover major expenses like home renovations, college tuition, or debt consolidation. A Home Equity Line of Credit (HELOC) allows you to borrow against your home’s value at interest rates that are often much lower than credit cards or personal loans.
At Island Federal, we offer a HELOC with a low introductory rate for the first 12 months, followed by a competitive variable rate. Homeowners can finance up to 100% of their home’s market value, minus their outstanding mortgage balance, making it a great option for those looking to maximize their borrowing power. Plus, there’s a no closing cost option available, helping you keep more money in your pocket.
Beyond affordability and flexibility, a HELOC offers potential tax benefits when used for eligible home improvements, though it’s always best to consult a tax advisor for details. Since it works as a revolving line of credit, you can access funds when needed—whether for planned projects or unexpected expenses—without having to reapply.
With competitive rates and flexible terms, a HELOC from Island Federal can be a smart way to put your home’s equity to work. Click HERE to learn more and apply today!
ISLAND FEDERAL COLLEGE SCHOLARSHIP PROGRAM
The Island Federal Scholarship Program will award scholarships totaling $25,000 to five (5) high school seniors in May 2025. Since the launch of the Scholarship Program in 1992, Island has awarded more than $910,000 to local high school seniors to help them continue their education.
For complete requirements and application, click HERE. Completed entries are due no later than Friday, April 25, 2025.
GET MORE CAR FOR LESS: BUY USED!
Buying a used car instead of a new one can be a smart financial move, helping you stretch your budget while still getting a reliable vehicle. Used cars typically come with a lower price tag, allowing you to afford a better model or trim level than you might with a brand-new car. Plus, unlike new cars that lose value rapidly—sometimes up to 30% in the first year—a used vehicle has already undergone its biggest depreciation hit, meaning it holds its value better over time.
Insurance costs are often lower for used cars as well, since premiums are based on the car’s value. And with today’s vehicles built to last longer, a well-maintained pre-owned car can provide years of dependable driving. If peace of mind is a concern, many manufacturers offer Certified Pre-Owned (CPO) programs, which include rigorous inspections and warranty coverage.
Financing a used car is also more affordable, especially when you finance with Island Federal, where competitive rates and flexible terms make owning a pre-owned vehicle even easier. Get pre-approved today and start shopping with confidence. To see our current rates and apply for a vehicle loan click HERE.
ISLAND FINANCIAL SERVICES
For today, retirement and every moment in between.
Financial planning shouldn’t be a one-time event. Which is why our approach is flexible enough to adapt with you as life changes, including a job change. It’s one way we can help you feel more confident about your financial future.
Call us today with questions you may have about rollovers and what to do with your 401(k) when you have a job transition.
Dave Someria
Financial Advisor
T: 631.656.1787
F: 516.558.5091
Email: [email protected]
Ameripriseadvisors.com/dave.someria
1 Company data, as of Q2 2021.
Ameriprise Financial has a partnership with this financial institution to provide financial planning services and solutions to clients. The financial institution is not an investment client of Ameriprise, but has a revenue sharing relationship with Ameriprise, which creates a conflict of interest. Details on how we work together can be found on Ameriprise.com/sec-disclosure.
Ameriprise Financial cannot guarantee future financial results.
Ameriprise Financial Planning Services are optional, offered separately, and priced according to the complexity of your case and your financial advisor’s practice fee schedule. Your fees and financial advisor may be subject to change.
Financial planning is generally appropriate if you have financial goals, sufficient assets and income to address your financial goals, and are willing to pay an investment advisory fee for recommendations to help you achieve those goals. Please review the Ameriprise Financial Planning Client Disclosure Brochure or, for a consolidated advisory relationship, the Ameriprise Managed Accounts and Financial Planning Service Disclosure Brochure, for a full description of services offered, including fees and expenses.
Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.
Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC.
© 2025 Ameriprise Financial, Inc. All rights reserved.
Branch Hours & Locations
Monday – Wednesday 8:30am – 5:00pm
Thursday & Friday 8:30am – 6:00pm
Saturday 8:30am – 3:00pm
Bellmore- 2752 Sunrise Highway
East Setauket- 430 Route 25A
Hauppauge- 120 Motor Parkway
Hicksville- 85 East Old Country Road
Massapequa- 824 Hicksville Road
Riverhead- 1071 Old Country Road
Sayville- 4820 Sunrise Highway
Selden- 920 Middle Country Road
Stony Brook University- Health Sciences Center
Island Federal Leadership
Executive Staff
Craig A. Booth– President/CEO
John McGregor– SVP/Business & Community Development
Lisa Mingoia– SVP/Chief Financial Officer
Board of Directors
John F. Adragna– Chairman
John J. Brody– Vice Chairman
Timothy P. Kiernan– Treasurer
Paul F. Scollan– Secretary
Elizabeth Cardone– Director
Richard A. Rapp– Director
Denise Reshard– Director
Tina M. Spy– Director
John Vaughn– Director
Shirley R. Watson– Director Emerita
Contact Us
Phone: 631-851-1100
Automated Teller: 631-851-1111
Routing Number: 221475896