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Helping Workers Rebuild Financial Strength after Historic Strike

With a conclusion to the nearly 200-day historic workers’ strike by the Writers Guild of America (WGA) and Screen Actors Guild and American Federation of Television and Radio Artists (SAG-AFTRA), First Entertainment CU recognized the resiliency of its local creative professional community by serving as a major source of support for members — offering financial solutions during uncertain economic times.

“As the entertainment industry makes its return, First Entertainment Credit Union remains committed to our mission of providing financial solutions to the creative community,” said CEO Stephen Owen. “We have always tailored our products and services specifically to meet the needs of the entertainment industry, which is why this community trusts us. We take pride in prioritizing the necessary resources to make certain our members achieve their financial goals.”

During the strike, First Entertainment CU — the premiere financial partner to creators and workers within the entertainment industry — was actively involved in assisting members by:

  • Funding $1 million in emergency loans, loan deferments, fee waivers and reversals each month during the strike to help members overcome temporary monetary constraints.
  • Welcoming nearly 200 new members who joined First Entertainment seeking financial aid and guidance during the strike.
  • Handing out hundreds of bags to-date, stuffed with food for members during the holiday season. First Entertainment team staff donated more than 2,000 non-perishable items.
  • In total, First Entertainment CU provided $7 million in vital financial solutions and meals.

The WGA and SAG-AFTRA strikes represented a major disruption to the entertainment industry, threatening those who work on-screen, behind the scenes, and within the surrounding community of their financial security. First Entertainment was able to provide stability and assistance during a tumultuous time for many creatives.

“Our support has always — and will always be — hyper-focused on our entertainment community,” Owen said. “Since our inception, First Entertainment has been a fundamental part of Hollywood. We extended our support to the entertainment community through partnerships such at the Motion Pictures and Television Fund (MPTF) and to those who are the core of the studio communities and were also impacted by the strikes.”

First Entertainment CU’s commitment to the creative community it serves, as well as its staff members, has solidified its position as a trusted financial institution to the entertainment industry and the greater Los Angeles region.

Since 1967, First Entertainment Credit Union has served creators in the entertainment industry. Headquartered in Hollywood, Calif., First Entertainment provides banking and financial services through its 8 branches in Los Angeles County – including the Warner Bros., Sony, and Paramount studio locations – and manages $2 billion in assets with a team of more than 200 employees. First Entertainment provides financial solutions to nearly 90,000 members through accessible 24/7 digital banking, unique entertainment-industry financial products, services, and ATMs.

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