Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved Northern Federal Credit Union’s application to convert its charter to conduct business to a New York State Charter, effective October 1, 2018. Currently, Northern Credit Union serves a total of 30,015 members through seven locations across the North Country and through an online and mobile banking program. After the conversion, Northern Federal Credit Union will change its name to Northern Credit Union.

“DFS is committed to encouraging New York State-chartered credit unions to invest in regional economic growth and create a competitive financial services marketplace, and providing local residents access to financial services and employment opportunities,” said Superintendent Vullo. “DFS appreciates the credit union’s commitment to New York and looks forward to implementing the robust regulatory oversight and consumer protections that a state-based regulatory framework provides.”

“As the need for increased accessibility to financial options grows within our communities, so does our commitment to Northern and Central New York,” says Dan St. Hilaire, President and CEO of Northern Credit Union. “Becoming a state-charted credit union and expanding our field of membership will enable the progression of our core mission of providing personalized service and banking solutions to enhance the financial well-being to a greater number of families and individuals. We look forward to a long-lasting, mutual value partnership with DFS, our communities, and members.”

With the charter conversion, the credit union will now be able to expand its community-based field of membership to serve persons who live, worship, work, regularly conduct business in or attend school, as well as businesses and other legal entities in Jefferson, Lewis, St. Lawrence, Oswego, Clinton, Franklin, Onondaga, and Madison Counties. Currently, Northern’s field of membership includes Jefferson, Lewis and parts of St. Lawrence Counties and the credit union has assets of $244 million.

New York State’s field of membership for credit unions allows a credit union’s field of membership to be expanded to include various categories of membership, including a community-based field of membership within a well-defined identifiable neighborhood, community or rural district consisting of one or more adjacent precincts, districts, cities, or counties, as well as a category consisting of a combination of three categories of occupation-based, association based, and community-based fields of membership.

New York currently has a total of 139 state chartered commercial banks, savings banks and bank holding companies, 15 state chartered credit unions, 84 foreign branches, 10 foreign agencies, and 27 representative offices, with assets totaling more than $1.8 trillion.