History

HISTORY OF ST. LAWRENCE FEDERAL CREDIT UNION

 

On November 10, 1954 an organizational certificate was submitted to form the St. Lawrence State Hospital Employees Federal Credit Union.  The names of the subscribers to the certificate were: Herman B. Snow, M.D.; J. A. Sandburg; Virginia E. Vines; Bertha E. Edgerton; Alice L. McMillan; Everett E. Crowell; Robert E. Kinch; and John E. Graveline.  They each subscribed one share ($5.00).  The office was located in the Center Building at the St. Lawrence Psychiatric Center.  The field of membership was limited to “employees of the St. Lawrence State Hospital who work in Ogdensburg, employees of this Credit Union, members of their immediate families, and organizations of such persons”.  On November 22, 1954 the organizational certificate of November 10, 1954 was approved.

In the late 1950’s to early 1960’s the office was moved to Curtis Hall at the St. Lawrence Psychiatric Center.

In 1972, assets were approximately $1,000,000.00.  On September 5, 1974 St. Lawrence State Hospital Employees Federal Credit Union changed its name to St. Lawrence Psychiatric Center Employees Federal Credit Union.  The field of membership was extended to “employees of the St. Lawrence Psychiatric Center who work at or are supervised from the above hospital, un-remarried spouses of persons who died while within the field of membership of this Credit Union, employees of this Credit Union, persons retired as pensioners or annuitants from the above employment, members of their immediate families, and organizations of such persons”. 

Between 1974 and 2001 over 80 SEG’s (Specific Employment Groups) were added to the membership.  These groups had a common bond and had to apply for membership.  The Credit Union would then apply to NCUA (National Credit Union Administration) having to state what common bond the groups had with the existing Credit Union members.

In November of 1990, the Commerce Park Drive building was erected and the office moved from Curtis Hall.

On February 13, 2001 the St. Lawrence Psychiatric Center Employees Federal Credit Union converted to a community charter becoming the St. Lawrence Federal Credit Union creating a field of membership which contained the following: “Members of record of St. Lawrence Federal Credit Union as of the date of the conversion to community charter, persons who live, work, worship, or attend school in and businesses and other legal entities located in St. Lawrence County, New York, and also included are spouses of persons who died while within the field of membership of this Credit Union, employees of this Credit Union, members of their immediate family or household, organizations of such persons and Ogdensburg Lodge No. 772 Benevolent and Protective Order of Elks”.

In 2003, the 333 State Street branch in Ogdensburg was built.  The merger with Canton Corning Group Employees Federal Credit Union took place.  A satellite office was maintained at the Corning Plant until June, 2010.

In March of 2004 the Credit Union entered into a lease agreement at 11 Court Street (Old Fire Station) in Canton, New York.  A satellite office was maintained at the county court house until 2009.  The Credit Union now consisted of 3 branches with assets totaling $63 million.

In November of 2007, an addition was built at the Commerce Park building for more office space.

On June 30, 2010, assets were at $83 million with 26 employees at 3 branches. 

Assets hit $100 million in March of 2013.

In June of 2013 an 11,000 square foot addition was built at Commerce Park to expand the office space.  We now had 32 employees at 3 branches. 

In December of 2014 the Credit Union in Canton moved into the newly built branch at 33 Court Street.