Sense of Community Spirit Pervades Grand Opening in Morris

By TERESA WINCHESTER
MORRIS

There were many smiles on many faces at the grand opening of Sidney Federal Credit Union in Morris on Wednesday, July 23. Community members were smiling. Bank officials and employees were smiling, and members of Butternut Valley Alliance, whose “Save Our Bank” task force spearheaded the effort to bring financial services back to Morris, were also smiling.

BVA Vice Chair Maggie Brenner of Morris was the lead for “Save Our Bank.” Other members included Ed Lentz, Tom Washbon, Jason Cianciotto, Bob Thomas, Jim Tremlett, John DiStefano and Andrea Hull, all of Morris, as well as Peter Martin and Arlene Martin of New Lisbon.

The grand opening provided a feel-good ending to what wound up being a feel-good story. In a world where banks are closing with great frequency, especially in more remote areas, BVA reversed this trend and brought a financial institution back to Morris a year and a half after Community Bank NA had pulled out, offering its customers “nearby” banking services 14 miles away in Oneonta.

In what was originally considered by some to be an unlikely transaction, SFCU even managed to purchase the building out of which Community Bank had operated. Located at 132 Main Street, the handsome 130-year-old stone edifice at the corner of state highways 51 and 23 is on the National Register of Historic Places and has operated as a bank since 1856.

“I think SFCU’s purchase of the building demonstrates its commitment to the community,” said Brenner.

“I’m home again. I’ve been waiting for this moment. It’s surreal,” said Morris SFCU Branch Manager Emily Boss, who had managed Community Bank’s Morris branch for 10 years before its January 2024 closure. Boss was smiling broadly.

As part of the festivities, white, green, blue and teal balloons reflecting the colors in SFCU’s logo hovered over a reception table on which were placed beer mugs and feed bags, each item having a historical significance.

According to SFCU Vice President of Member Experience Anna Banks, a saloon once occupied the current SFCU space and, at another time, it was part bank and part hardware store. Historical pictures of the bank were hung on the walls. A cake created by Ayrica Zimmer, proprietor of The Mix in Sidney, was modeled from a vintage photo to replicate the 195-year-old building.

Jim Reynolds, president and CEO of SFCU—headquartered in Sidney and counting 74,000 members—stated that establishing financial services in Morris is a good example of the credit union’s purpose. The Morris branch of SFCU is its 13th branch bank.

“Our motto is ‘Do Well and Do Good,’” Reynolds said, explaining that by doing well financially the credit union is more able to do good in the community.

According to its website, SFCU demonstrates its community mindedness by sending team members to speak at schools about financial education, sponsoring youth sports groups, offering “shred days” and supporting more than 100 nonprofit organizations. In partnership with the National Forest Service, SFCU also plants a tree for every new member or business joining the credit union. To the delight of many, freezers bearing the SFCU logo and containing ice cream are in the lobby, proclaiming “It’s our treat to serve you.” BVA events sponsored by SFCU include “On the Trail of Art,” “Butternut Valley Gravel Grinder” and “Summer Harvest Festival.”

As opposed to a bank, which has shareholders and is publicly traded, a credit union is a not-for-profit money cooperative whose members can borrow from pooled deposits at low interest rates.
“We’re excited to return financial services to the Village of Morris and the surrounding community. I give credit to BVA and the grassroots effort that made it possible. It took patience and persistence,” Reynolds added.

Besides being committed to brick-and-mortar services, Reynolds said that SFCU has purchased a recreational vehicle containing an ATM, an office and a teller window to circulate in underserved communities.

Community members attending the opening shared the excitement of bank officials and BVA representatives.

“It’s a good thing for the town, much more convenient than running to Oneonta,” said Grace Worden of New Lisbon.

Daniel Weaver, a member of the Amish community and owner of Weaver’s Farm Market, was also happy about the development.

“It’s easier to get here. We won’t have to pay for transportation to Oneonta anymore,” said Weaver, who does not drive motorized vehicles and arrived at the opening on his bicycle.

“It’s good for my business but, most of all, it’s good for the community,” he said.

“This is the best thing to happen. The village will be doing all its business with SFCU,” said Mike Newell, mayor of the Village of Morris.

Newell and the village will have to wait a bit to begin doing business with SFCU, as the credit union is still in the draft phase of getting designation as a Banking Development District, an initiative fostered by the New York State Department of Financial Services and designed to encourage the establishment of branch banks in underserved areas. SFCU has gone through one round of commentary and has provided revisions to the DFS for further review.

Absent a BDD designation, municipal governments are not able to bank at credit unions. With the BDD in place, the towns of Butternuts and Morris and the villages of Gilbertsville and Morris, as well as other municipalities in the Butternut Valley, will be able to bank at a more convenient location.

Also, banks and credit unions successfully applying for BDD designation are eligible to receive below-market-rate deposits from New York State. These provisions are intended to diminish potential financial risks subsequent to opening.

“Things seem to be progressing well,” said Andrew Smith, SFCU’s chief retail officer, regarding the BDD.

Speaking at the ribbon-cutting ceremony, Smith said that opening the SFCU branch in Morris had been a “passion project” for him. He thanked the SFCU Board of Directors “who live and work in the area and understand the challenges of losing financial services.” He also thanked the BVA “Save Our Bank” task force.

“It was inspiring to work with a core group so passionate about the community,” he said.

“SFCU has demonstrated its commitment to our community from the initial discussions. To keep financial services for the [Butternut] Valley in the same building that has functioned as a bank for nearly 150 years not only preserves our heritage but ensures a sustainable future as well. BVA looks forward to years of a successful partnership with SFCU,” Brenner said.

Before Brenner cut the ribbon to officially open SFCU in Morris, Lentz gave a quick review of the search process for replacing the former bank, concluding, “These guys [SFCU] shot to the top. These guys are the real community bank.”