BVA Task Force Rescues Banking Services for Morris and the Butternut Valley

MORRIS—After six months of research, organizing, strategizing and negotiating, the Butternut Valley Alliance has announced a partnership with Sidney Federal Credit Union. SFCU will now take the necessary measures to open a full-service branch in Morris. This development comes as a result of proactive steps taken by the “Save Our Bank” task force, guided by BVA board members and including several concerned residents.

SFCU will now apply to the New York State Department of Financial Services for designation as a Bank Development District. This designation will make the branch opening financially feasible and will also allow municipalities to bank with the credit union.

While the BDD process can take 6 to 12 months, SFCU plans to begin offering limited services in the very near future by appointing a business development representative to assist businesses and residents in opening accounts. Opening a temporary field office is a possibility.

To reestablish banking services based in the Village of Morris, the Save Our Bank task force sent a statement of need to more than 15 financial institutions to explore their interest in expanding operations to the Butternut Valley. Requests for proposals were sent to the three institutions that responded favorably.

“In the end, it came down to a choice between two credit unions, both of whom were able to meet the needs of Butternut Valley residents, businesses and municipalities,” said Ed Lentz, BVA chair and member of the task force. “It was a tough choice, but we ultimately decided that, on balance, and taking into account the local name recognition of SFCU, partnering with SFCU was the best decision for our community at this time.”

“We look forward to serving the residents of the Butternut Valley and welcoming them to experience of how SFCU is making banking easier,” said SFCU Chief Executive Officer Jim Reynolds, adding that SFCU is currently one of the fastest growing credit unions in New York, with a membership of more than 70,000 and assets totaling more than $980 million. 

Headquartered in Sidney, New York, SFCU is a full-service financial institution. SFCU membership is open to anyone who lives, works, worships or attends school in Chenango, Cortland, Delaware, Essex, Fulton, Hamilton, Madison, Montgomery, Onondaga, Otsego, and Schoharie counties and portions of Broome, Oneida, and Herkimer counties.  More information on SFCU can be found at www.sfcuonline.org.