January 7, 2020
SUPERINTENDENT OF FINANCIAL SERVICES LINDA A. LACEWELL ANNOUNCES CONVERSION OF SUNMARK FEDERAL CREDIT UNION TO A NEW YORK STATE CHARTER
Sunmark Credit Union to Expand to 8 New York Counties, Building on State's Commitment to Increase Access to Financial Services for all New Yorkers
NEW YORK – Superintendent of Financial Services Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved Sunmark Federal Credit Union’s (Sunmark) application to convert its federal charter to conduct business under a New York State charter, enabling Sunmark to expand the availability of affordable financial services across New York State. As a result of the conversion, Sunmark Federal Credit Union will change its name to Sunmark Credit Union and will expand its footprint to serve New Yorkers in eight additional counties, from the Hudson Valley to the North Country.
“DFS is committed to financial empowerment and working with our banks and credit unions to encourage new investment in local communities, eliminate banking deserts, and expand access to banking services to New Yorkers in all corners of the state,” said Superintendent Lacewell. “Financial institutions continue to choose a New York State charter to ensure a regulatory and supervisory partner that is committed to safety and soundness, as well as consumer protection. Congratulations to Sunmark, and the new customers and local businesses that will have greater access to banking services and products as a result of today's announcement."
Currently, Sunmark serves more than 62,000 members through 13 locations and holds over $750 million in assets. With the charter conversion Sunmark will now be able to expand its community-based field of membership and financial services and products to additionally serve Fulton, Warren, Greene, Dutchess, Westchester, Putnam, Columbia, and Rockland counties in New York. The charter approval expands the opportunity to reach new potential members and New Yorkers with financial education and services – including basic savings, loans, and small business financial products, particularly to those who may be underbanked, with limited access to financial services.
“We are thrilled to receive final approval for Sunmark’s conversion to a state-chartered credit union,” said Frank DeGraw, CEO of Sunmark. “This exciting moment in Sunmark’s history would not have been achieved without the hard work and dedication of the entire team within the New York Department of Financial Services. They were a true partner during the entire application process, and we thank them for their guidance to make this possible. The change to a state-chartered credit union now allows Sunmark the opportunity to better serve the employees of existing employer groups and to provide Sunmark’s complete and affordable selection of financial products and services to more people. Now, as a state-chartered credit union, Sunmark will be in a better position to fulfill our mission and improve the financial well-being of all persons.”
For more information about New York State charter conversions, visit the DFS website.