Skip to main content
Enter search terms below…

Member News

Sunmark Credit Union Plans Conversion from Federal to State Charter



SUNMARK FEDERAL CREDIT UNION PLANS CONVERSION FROM FEDERAL TO STATE-CHARTER

(Latham, NY) Sunmark Federal Credit Union has applied to federal and state regulators to convert from a federal to a state-chartered credit union. Federal regulators approved the conversion, and completion of the application process between Sunmark and the New York Department of Financial Services is expected at any time. Additionally, a vote of the Sunmark membership will take place for charter approval.

Sunmark is currently regulated by the National Credit Union Administration (NCUA). A state charter means Sunmark will be regulated by the New York State Department of Financial Services, which also regulates other financial institutions in New York. Sunmark will remain a federally insured credit union.

With the current charter, to bank with Sunmark, a person would need to live, work, worship, attend school, volunteer, or regularly conduct business in Schenectady, Albany, Rensselaer, Saratoga, Montgomery and Schoharie Counties. With a new State-charter, Sunmark will have the opportunity to expand to Columbia, Greene, Onondaga, Putnam, Rockland and Westchester Counties. Sunmark will also be able to serve persons that belongs to a business or association that has signed up with the Sunmark to make membership available to its employees or association members outside of New York State.

Sunmark CEO Frank DeGraw said “We are excited about making the change from a federal to a state-chartered credit union. Being a state-chartered credit union will enable Sunmark to reach more consumers looking to get better loan and deposit rates and have access to free financial products and services. This change will enable Sunmark to expand and serve people who work and live in financially underserved communities.”

A vote of the Sunmark membership to approve the conversion will take place at a special membership meeting to be held on Wednesday, July 31, 2019 at 6:00PM in the Sunmark’s administrative offices located at 1187 Troy Schenectady Road, Latham. For members unable to attend the meeting, and online ballot with answers to frequently asked questions about the charter conversion will be available on Sunmark’s website sunmarkfcu.org through July 31.
###

About Sunmark Federal Credit Union:
Since 1937, Sunmark Federal Credit Union($707 million in assets; 61,000+ members) has been helping members in the greater Capital Region community improve their financial position.
Sunmark is committed to the financial health and well-being of each member by offering tools that educate and inform and products and services that make it easier to reach financial goals.
For more information, call 518-382-0605 or visit www.sunmarkfcu.org.org.

Alicia Barr, Nathan Towne, Joseph Avellino and Roberta Russo have joined Wojeski & Company CPAs, P.C. Alicia Barr is a certified public accountant (CPA) who will serve as a Tax Manager at the firm. She has eight years of experience preparing individual, corporate, partnership, fiduciary, and non-profit tax returns. Barr holds an MBA from…
First New York Federal Credit Union will issue four $1,000 scholarships this spring. Applications for the scholarship must be submitted by the March 6th, 2020 deadline. Applicants must: be a member in good standing with First New York Federal Credit Union, be a graduating high school senior, plan to attend an accredited two- or four-year college…
Joan Heffler Photgraphy (dba Creative Expressions) has announced they have won an award from The Schenectady Award Program. The annual awards program honors the achievements and accomplishments of local businesses throughout the Schenectady area. Awards and recognition are given to companies that have shown the ability to use their best practices…
Feb
05
2020 Economic Outlook: How Macro Impacts the Micro for Your Business. The investment team at Bouchey Financial Group consisting of Steven Bouchey, CFP®;…
11:30 a.m. Check-in & Luncheon; 12 - 1:00 p.m. Presentation
Feb
28
A panel discussion featuring State representatives addressing issues facing our communities.  The Chamber's "Meet the Legislators" event provides members…
11:30 a.m. Registration & Luncheon; 12 - 1:00 p.m. Panel Discussion and Q&A
Mar
10
Harness YOUR power within, build professional and personal networks and find inspiring mentors. Learn how to amplify your voice and be heard. Join top…
11:30 a.m. Check-in & Luncheon; 12 - 1:30 a.m. Mentoring Conversations