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In the News

Here is where you will find all SFCU press releases and other news items. Stay up-to-date with all things SFCU.

  • BVA Task Force Rescues Banking Services for Morris and the Butternut Valley

    MORRIS—After six months of research, organizing, strategizing and negotiating, the Butternut Valley Alliance has announced a partnership with Sidney Federal Credit Union. SFCU will now take the necessary measures to open a full-service branch in Morris. This development comes as a result of proactive steps taken by the “Save Our Bank” task force, guided by BVA board members and including several concerned residents.

    SFCU will now apply to the New York State Department of Financial Services for designation as a Bank Development District. This designation will make the branch opening financially feasible and will also allow municipalities to bank with the credit union.

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  • Sidney Federal Credit Union takes a leap into the future of lending with Scienaptic’s AI-powered credit underwriting platform

    NEW YORK, NY (February 5, 2024) — Leading global AI-powered automated credit underwriting platform provider, Scienaptic AI, announced today that Sidney Federal Credit Union has chosen to implement its AI-powered credit decisioning platform. The credit union aims to streamline its credit underwriting process by utilizing Scienaptic’s fair, inclusive, and regulatory-compliant AI platform.

    “At Sidney Federal Credit Union, we are committed to meeting the ever-evolving needs of our members and also aspire to strike the perfect chord between the convenience of technology and the warmth of a personalized experience,” said Nicole Krom, Senior VP of Lending at Sidney Federal Credit Union. “Scienaptic’s AI-powered credit underwriting platform aligns seamlessly with our commitment to enhance inclusivity, efficiency, and financial well-being. It will propel us to not only approve more loans but to extend credit assistance far and wide, reaching a diverse spectrum of individuals. Together, we’re building a future where financial empowerment knows no bounds.”

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  • FOR IMMEDIATE RELEASE
    Sidney Federal Credit Union (SFCU) Pledges $300,000 in Funding for Impact Project Loans

    SIDNEY, NY (Dec. 15, 2023): – Sidney Federal Credit Union (SFCU) and The Impact Project announced a partnership that will see up to $300,000 in loans funded to support low income residents of the tri-counties of Chenango, Delaware and Otsego that fall under ALICE guidelines (Asset Limited, Income Constrained, Employed). The Impact Project loans are for amounts up to $15,000 for home repairs and charge only 0.5% interest. The goal is to help families maintain and increase equity in their homes and stabilize their housing situation through repair and rehabilitation projects.

    “There’s no greater testament to the credit union mission of ‘People Helping People’ than The Impact Project,” said SFCU President Jim Reynolds. “Financial instability is a real problem in the Southern Tier. Supporting projects that rehabilitate homes not only help improve our members’ lives but also the communities in which they live.”

    “Every 48 hours a homeowner in Chenango County leaves their home. There are many reasons for this, but the final nail in the coffin is the home is no longer safe and affordable. The Southern Tier is a great place to live. Our mission is to help those homeowners with major home repairs that they can’t do themselves, so that they will stay in their home,“ said Impact Project Director Jim Willard.

    Impact Project is a nonprofit 501c3 based in Greene, NY that provides major home repairs for low income families. The Impact Project just completed its 190th home rehabilitation in December 2023. The non-profit has been in operation since 2004. More information on The Impact Project can be obtained by visiting theimpactprojectgreene.org.

  • FOR IMMEDIATE RELEASE

    Sidney Federal Credit Union (SFCU) and Edge Federal Credit Union Merge

    SIDNEY, NY (Oct. 01, 2023): – Sidney Federal Credit Union (SFCU) announced today that it has merged with Edge Federal Credit Union. The merger raises SFCU’s membership to more than 70,000 and creates an 11-branch network that stretches through central New York.

    “We are excited to welcome the Edge membership into SFCU,” said SFCU President/CEO Jim Reynolds. “Our shared passion for financial education, growing the communities we serve, and serving our members will make us a more dynamic organization. We are also proud to announce we are retaining the Edge staff and their branch location in Liverpool, NY, so members will continue to see the same smiling faces they’ve known and trusted over the years. This has the added benefit of providing a service center for our nearly 2,600 pre-existing members in Onondaga county. With our upcoming branch location in Cicero, NY, scheduled to open in late 2023, we’re poised to serve the entire Syracuse market for years to come.”

    SFCU now boasts assets of more than $920 million as a result of the merger. Additionally, SFCU will take over operations of two in-school branches located in Baldwinsville and Liverpool High Schools, respectively. Members will notice new products and services, enhanced online-banking offerings, better rates with lower fees and more.

    Headquartered in Sidney, NY, SFCU is a full-service financial institution providing the tools and resources members need to make banking easy and convenient. SFCU membership is open to anyone who lives, works, worships or attends school in: Chenango, Cortland, Delaware, Essex, Fulton, Hamilton, Madison, Montgomery, Onondaga, Otsego and Schoharie counties and portions of Broome, Oneida and Herkimer counties. More information on SFCU can be found at www.sfcuonline.org.

     

  • FOR IMMEDIATE RELEASE

    Sidney Federal Credit Union Breaks Ground on Cicero Location

    SIDNEY, NY (July 20, 2023): – Sidney Federal Credit Union (SFCU) ceremonially broke ground on its first Syracuse-area branch at 8062 Brewerton Rd. in Cicero, NY. Board Chairman Scott McLean and CEO Jim Reynolds had the honor of launching the project.

    The new branch will feature the same concierge-style concept that SFCU established in its Amsterdam location, with personal teller pods and video-enabled iTMs that allow members to connect virtually with an SFCU representative while conducting transactions. The approximately 3,000 square-foot building will also feature a large “community room” that can be used for financial wellness seminars, first-time homebuyer classes and more.

    Principle Design Engineering PLLC based in Norwich, NY are the architects of the build and S.J. Thomas Co. Inc. based in Syracuse, NY has been selected as general contractor. Construction will begin as soon as permits are approved by the town of Cicero and plans are to complete the project by late 2023 or early 2024.

    SFCU continues to be one of the fastest growing credit unions in New York. Membership currently stands more than 67,000 strong and assets total more than $865 million.

    Headquartered in Sidney, NY, SFCU is a full-service financial institution providing the tools and resources members need to make banking easy and convenient. SFCU membership is open to anyone who lives, works, worships or attends school in: Chenango, Cortland, Delaware, Essex, Fulton, Hamilton, Madison, Montgomery, Onondaga, Otsego and Schoharie counties and portions of Broome, Oneida and Herkimer counties. More information on SFCU can be found at www.sfcuonline.org.

We will be CLOSED Saturday, May 25th and Monday, May 27th in observance of Memorial Day. If you are contacted and asked to provide your online banking credentials, passwords or any other SFCU account information, do not share this confidential information! Immediately hang up and call us at the phone number provided on our website during regular business hours. Scammers may try to represent themselves as SFCU staff or create a sense of urgency. Do not become a victim of fraud.