Hudson Valley Federal Credit Union is seeking approval to shift its federal charter to a New York state charter.
The credit union is also hoping to expand its field of membership to reach consumers in eight additional counties. The $5 billion-asset credit union was originally chartered to serve IBM Poughkeepsie employees and now has 19 branches in four counties.
The Poughkeepsie, N.Y.-based credit union said on Wednesday that if the charter change is approved by its members, it will formally apply to the New York State Department of Financial Services.
“We are taking this step to ensure the ability to grow and serve our members adequately and securely,” President and CEO Mary Madden said in a release. “Becoming a New York state chartered credit union provides a unique opportunity for the credit union to prudently expand its membership and grow deposits and loans, while building upon the foundation of trust our members have always had in us.”
Members should not expect changes to the current products and services they currently use, according to Madden. But Hudson Valley will add more branches and expand its technology to serve its entire membership base, Madden said.
Members will have until May 16 to vote on the proposed conversion. A special member meeting will also be held that day.
