January 6, 2020
SUPERINTENDENT OF FINANCIAL SERVICES LINDA A. LACEWELL ANNOUNCES APPROVAL OF CONVERSION OF HUDSON HERITAGE FEDERAL CREDIT UNION TO A NEW YORK STATE CHARTER
With New York State Charter Approval, Hudson Heritage Expands Services to Lower Hudson Valley, Including Sullivan and Rockland Counties and Residents of Neighboring Counties
NEW YORK – Superintendent of Financial Services Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved Hudson Heritage Federal Credit Union’s (Hudson Heritage) application to convert from operating under a federal charter to now being a New York State-chartered entity. As a result of the conversion, Hudson Heritage Federal Credit Union will change its name to Hudson Heritage Credit Union and expand to additional counties, adding another provider of affordable banking services to New York State's growing financial services industry.
“DFS is committed to expanding access to affordable banking services in all corners of the state, and today's charter approval for Hudson Heritage will ensure more New Yorkers can open a bank account, secure a loan, or receive financial advice right in their home community," said Superintendent Lacewell. “This conversion reaffirms New York State's banking charter as a leader in providing a reliable and proven regulatory structure that ensures the safety and soundness of financial institutions while protecting consumers. Congratulations to Hudson Heritage and we welcome your new expansion here in New York State."
Currently, Hudson Heritage Credit Union serves more than 42,000 members through 13 locations and holds $425 million in assets. With the charter conversion, Hudson Heritage will now be able to expand to additionally serve Rockland and Sullivan Counties in New York and neighboring counties.
“Hudson Heritage is committed to our mission of promoting financial well-being so people may reach their fullest potential. We look to provide the necessary tools, resources and opportunities for learning to help make possible the achievement of people’s hopes and dreams,” said Hudson Heritage President and CEO Michael Ciriello. “This charter conversion helps us continue this important mission by expanding our reach in New York as a neighborhood institution offering essential financial services, products and education to families and individuals.”
For more information about New York State charter conversions, visit the DFS website.