LATHAM, N.Y.– Sunmark Federal Credit Union said it has applied to federal and state regulators to convert from a federal to a state-chartered credit union, with NCUA already signing off on the conversion pending completion of the application process between Sunmark and the New York Department of Financial Services.
The move must also be approved by vote of the Sunmark membership.
Under its federal charter, Sunmark’s field of membership includes pretty much anyone in Schenectady, Albany, Rensselaer, Saratoga, Montgomery and Schoharie counties in New York. Under a state charter, Sunmark said it will be able to add Columbia, Greene, Onondaga, Putnam, Rockland and Westchester Counties. Sunmark will also be able to serve persons that belong to a business or association that has signed up with Sunmark to make membership available to its employees or association members outside of New York State, it said.
Underserved Communities
“We are excited about making the change from a federal to a state-chartered credit union,” Sunmark CEO Frank DeGraw said. “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 6:00 p.m. in the Sunmark’s administrative offices.
The $707-million Sunmark FCU has more than 61,000 members.