Jerry D’Ambrosio

JERRY D'AMBROSIO

While attending Fairleigh Dickinson University (Evening Division), Jerry was able to work his way up the corporate ladder of Prentice-Hall, a major educational publishing company.  After holding several entry level positions Jerry was promoted and became the youngest Book Manufacturing Buyer in Prentice-Hall’s history.  He quickly established himself as an astute negotiator.  He also implemented numerous innovative manufacturing processes resulting in streamlining procedures and upgrading book designs.  These new concepts and innovations resulted in substantial corporate costs savings and propelled Jerry into a bright and successful business career.

Jerry had a bigger dream, a lifelong desire to teach and help shape the lives of young people as his teachers helped to shape his life.  That desire lead him to his alma mater, the Hackensack Public School System where he attained and taught for ten years.

While teaching he continued as a successful entrepreneur.  Among other projects he founded an innovative educational publishing company which partnered with Prentice-Hall.  He also served as a consultant to their Educational Division.

As a young teacher, with demonstrated business experience, Jerry was asked to serve on the Board of Directors of Central Bergen Teachers Federal Credit Union.

The credit union was stagnant for years and was not servicing its’ members’ financial needs.  It was in jeopardy of becoming irrelevant and insolvent.  The Board of Directors asked Jerry to take on the challenge to transform the credit union into a viable and important financial institution. 

Jerry believed in the credit union and its’ mission and accepted the challenge.

Due to the volatile financial climate of the 1970’s and the troublesome circumstances surrounding the banking industry, Central Bergen was at a critical crossroads.  With soaring inflation and bankruptcies at an all-time high, the Board of Directors and Jerry had three options:  close its’ doors, look for an appropriate merger partner or have the courage to reinvent the credit union and execute on the founders’ vision of what Central Bergen should be and who it should serve.  Since failure was not a true option Jerry set out to revitalize the credit union to become a full service financial institution providing a myriad of low cost banking services. 

In the face of skyrocketing interest rates and tight credit, many members were priced out of the new car and home loan markets.  With loan defaults at historical highs, Jerry recognized Central Bergen needed to change its business model in order to better serve more members.  Jerry’s unquenchable desire to succeed became his passion and desire to convert Central Bergen’s goals into tangible results.  Jerry expanded services and created member friendly financial products. He introduced Credit Based Pricing and Relationship Bundling, which allowed all members to take advantage of lending and savings products.

Jerry’s vision to transform Central Bergen Federal Credit Union was well on its way. Members embraced the “new” credit union.  Growth, profitability, and member service, a trifecta that still works today.  While growth was essential, Jerry never believed in growth for the sake of growth.  The goal was always to strive to be the best not the biggest.

Jerry’s greatest sense of accomplishment and pride was building his credit union team.  His philosophy was to hire intelligent people who were willing to learn and work together.  A testimony to his success is the credit union’s very low turnover rate coupled with employee longevity and member satisfaction.  “Our staff is the cornerstone of our continued success, and the single factor that differentiates us from other financial institutions”.

Over the years, the credit union evolved into one of New Jersey’s largest and most profitable credit unions and became known as Greater Alliance Federal Credit Union. 

Jerry recognized that small and medium size credit unions were losing a great opportunity because they did not have the expertise and resources to offer mortgages to their membership.  This was a serious service deficiency resulting in loss of member confidence and credit union profitability.  In order to help these credit unions and provide a much needed financial product Jerry founded, in 1995, the Credit Union Mortgage Alliance Network (CUMANET), a national mortgage company providing affordable mortgage services to credit unions and their members.

Jerry retired as President/CEO of Greater Alliance Federal Credit Union in 2008 and continues to serve on the Board as Treasurer/Director.

Jerry serves on several corporate Boards as a consultant and in an advisory capacity to several for-profit and not-for-profit organizations.

Driven as ever, Jerry continues his entrepreneurial and philanthropic efforts while cultivating his interest in theater, concerts, and rereading the Classics.

His desire to reinvent his golf game continues to be an enjoyable yet futile challenge.

BORN:            

JERRY D’AMBROSIO

RESIDENCE: 

PALM BEACH GARDENS, FLORIDA

EDUCATION:  

COLUMBIA  UNIVERSITY

SETON HALL UNIVERSITY

FAIRLEIGH DICKINSON UNIVERSITY

HONORS/ACCOMPLISHMENTS:

KAPPA DELTA PI

(International Honor Society (Education)

BETA GAMMA SIGMA

(Business/Management Honor Society)

PAUL HARRIS FELLOW

(Rotary Community Service Award)

PAST CHAIRMAN OF THE BOARD

The ARC of Bergen/Passaic Counties, Inc.

NATIONAL DELEGATE

(National Education Association NEA)

OCCUPATION HISTORY:

PRESIDENT/CEO

Greater Alliance Federal Credit Union

1974-2008

LEAD INDEPENDENT DIRECTOR

Abacus Federal Savings Bank

PRESIDENT

73 Consulting Associates, LLC

SPOUSE:

Barbara Ann Scullion