CFCU Community Credit Union in Ithaca, N.Y. has received permission from New York’s Department of Financial Services to expand its field of membership into three new counties.
The $1 billion-asset credit union currently has ten locations and serves about 68,000 members, and the addition of Cayuga, Seneca and Ontario Counties offers significant possibilities for growth.
Lisa Whitaker, CFCU’s president and CEO, said in a statement that this expansion will allow the credit union to increase its “support of economic growth of the Finger Lakes Region by providing financial products, services and community involvement to the 225,000 residents of Cayuga, Seneca, and Ontario Counties.”
Whitaker also noted that CFCU’s five-year strategic plan includes the establishment of a “physical presence in all three of these counties, while continuing to make significant investments within our current field of membership in Tompkins and Cortland Counties.”
In 1996, CFCU converted to a New York State charter, becoming the first credit union in New York to convert from a federal charter to a state charter. In early 2003, CFCU converted to a community charter to serve both Tompkins and Cortland Counties.
For the nine-month period ended Sept. 30, 2016, CFCU posted a net income of about $5.2 million, compared to a net income of $5.7 million for the same period in 2015.
