Hudson Valley Federal Credit Union will convert to a New York state-charted credit union after receiving approval from the New York State Department of Financial Services.
The Poughkeepsie, N.Y-based credit union will become Hudson Valley Credit Union effective Oct. 1.
“This is such an exciting time in our cooperative’s history,” Mary Madden, president and CEO, said in a statement. “Becoming a New York state chartered credit union provides a unique opportunity for Hudson Valley to build on our foundation of member trust and expand our affordable, convenient services to even more of our New York neighbors.”
Hudson Valley first opened in 1963 and served four counties under its federal charter. With its New York state charter, the CU will now serve its current four counties in addition to eight new counties.
Member accounts will remain insured by the National Credit Union Administration through the National Credit Union Share Insurance Fund.
The $5.2 billion-asset credit union also is considering a number of updates and expansions, including an upgrade to its internet and mobile banking systems in October. The CU is also part of a fee-free ATM network with over 82,000 locations.
