Financial Partners Credit Union celebrates record year of giving in Downey

DOWNEY – Nader Moghaddam doesn’t live in Downey, but he spends enough time here to recognize what we all know to be true.

“Downey is really special,” he says. “The way the City Council, the chamber, your paper – all these different parts of Downey come together. It’s almost Mayberry, and I hope we never lose that.”

Moghaddam is president and chief executive officer of Financial Partners Credit Union, a banking institution that originally opened more than 80 years ago to serve the burgeoning aerospace industry in Downey and Southern California. The credit union worked hand in hand with workers from North American Aviation and its later incarnations, including Rockwell and Boeing, handling the financial needs of Downey’s aerospace associates as they advanced the country’s aviation and space endeavors.

When the Rockwell plant closed in 1999, Financial Partners pivoted to become a more community-oriented credit union, re-establishing itself in the Downey community and reconnecting with the needs of its members.

Last year, Financial Partners made its most significant investment in its 80-plus year history in support of Downey-specific initiatives, with 65% of its community resources dedicated to Downey schools and STEM education.

Among its contributions were donations to the Downey Foundation for Educational Opportunities, which provided bus transportation and funded scholarships that allowed kids to attend STEM camps, and a partnership with the Columbia Memorial Space Center for its Rocket Fever and City of STEM events.

Moghaddam said the credit union’s investment in education will pay dividends for the Downey community.

“We’re focused on STEM learning with schools and the space center because we believe that if our kids have the right foundation and have the opportunity to make their way into higher learning and get jobs that are rewarding for them, that will be a success for the community,” he said.

Part of that education, Moghaddam said, is teaching kids fiscal management.

“We’re teaching that if you manage your FICO scores correctly, you can save hundreds of thousands of dollars in your lifetime,” he said.

Financial Partners hosted more than 50 financial literacy events last year, providing financial education curriculum to local high schools at no cost to the school district.

The credit union also provided support at events in partnership with the Downey Unified School District, including a “College Finance 101” workshop and help with FAFSA applications, along with the basics of saving for college.

Financial Partners also invested bolstering local economic development through its Partners at Work Program and bringing back its annual Gateway Cities Economic Forum, a free event for the public.

“Having a passion for giving is part of our core commitment as a not-for-profit institution,” said Moghaddam. “It’s a cultural commitment that we’ve made and we stand behind it.”

Moghaddam said the credit union’s commitment to Downey will continue into 2019, especially as the nation -- and Downey with its storied aerospace history -- celebrates the 50th anniversary of the moon landing.

“There’s some really exciting things coming up and we’re excited to be part of it,” Moghaddam said.