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.

TutorMe, a leading provider of online tutoring, and Excelsior College, an accredited, not-for-profit online college focused on helping adults complete their degrees and advance their careers, announced today an agreement to provide Excelsior students with TutorMe’s online, 24×7 tutoring services, free of charge. TutorMe has an extensive network of…
Using the great outdoors is the safest option for fitness programs with socialization components. A new hiking club from STRIDE Adaptive Sports will get homebound people with disabilities back outdoors and safely enjoying some much needed exercise. According to STRIDE’s Program director, Megan Evans, STRIDE’s adaptive hiking club will open in…
Still considering college this fall? Hudson Valley Community College will offer a brand new Sprint 10-week fall part of term from Oct. 13 through Dec. 18. Additional fall Sprint 8-week classes traditionally offered by the college begin on Oct. 26. “We know there was a lot of uncertainty regarding college decision-making this fall, so we are doing…
Sep
29
On behalf of the Rensselaer County Regional Chamber of Commerce and the Troy Downtown Business Improvement District, we invite you to an “Accelerated…
4:00 - 5:30 p.m. EST
Sep
29
What are the best tools to get more out of our online marketing? This is a question that we hear on a regular basis. It’s a simple question but one that…
10:00 - 11:00 a.m. EST
Oct
02
In 2015, the Chamber developed CEO Roundtable Discussions with much success.  The purpose is to bring together small groups of CEOs, presidents and/or…
8:30 - 9:30 a.m. EST