SIDNEY, N.Y. — With many new projects and initiatives underway, Sidney Federal Credit Union (sfcu) took time out recently to celebrate the grand opening of its Amsterdam branch, which opened in the fall of 2021 during the pandemic. CEO Jim Reynolds calls the branch the next evolution in personal banking. Instead of the traditional teller […]
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SIDNEY, N.Y. — With many new projects and initiatives underway, Sidney Federal Credit Union (sfcu) took time out recently to celebrate the grand opening of its Amsterdam branch, which opened in the fall of 2021 during the pandemic.
CEO Jim Reynolds calls the branch the next evolution in personal banking. Instead of the traditional teller line, the office features personal teller pods for one-on-one member service. Instead of traditional ATMs, the branch has an iTM (interactive teller machine) that has integrated video capabilities, allowing a member to summon a representative virtually if needed. Even the coin machine at the branch is linked to member accounts so it can automatically deposit their change after counting it.
“We had a great turnout,” Reynolds says of the July 15 event, which gave bank representatives an opportunity to show off what they have dubbed a “concierge” branch. Principle Design Engineering, PLLC of Norwich was the project architect. Gabriel Contractors of Amsterdam, Inc. served as the paving contractor. Albany–based AOW Associates, Inc. was the general contractor.
Earlier this year, sfcu expanded its field of membership to include Onondaga, Cortland, Essex, and Hamilton counties. The credit union also serves Chenango, Delaware, Fulton, Madison, Montgomery, Otsego, and Schoharie counties, along with portions of Broome, Oneida, and Herkimer counties.
Between the new branch in Amsterdam and the expanded field of membership, sfcu membership numbers have grown, Reynolds said. The credit union has added more than 2,000 new members since April and currently has just over 62,000 members. Reynolds credits sfcu’s value proposition with helping that growth. The credit union has very low fees when it can’t avoid fees altogether and offers competitive rates, he notes.
Still, it can be a challenge attracting new members without some sort of physical presence in the marketplace. That’s why sfcu is currently researching location options in Onondaga County, he says.
“We’re looking for a location for a financial wellness center,” Reynolds said. It will house a small retail banking center and also serve as a financial education and training seminar location for the community, as well as a touchpoint for employees in the area to meet up. “Having that will strengthen our opportunities,” he says.
Reynolds is hopeful the credit union can find a location by the end of this year and get to work on it next year. In the meantime, sfcu has come up with another way to be present in the Onondaga County market.
“We’re going to do a pop-up branch in that area in August,” he says. The pop-up will give people a chance to stop and talk to someone face-to-face and learn more about sfcu.
The credit union is also busy working on its Oneida branch, which will open at the five corners intersection near Walmart. Reynolds is hopeful the branch will be ready later this year.
Along with the new iTM machine, the Oneida branch will also feature a new marketing concept for sfcu. A three-dimensional version of the credit union’s logo, complete with the tree, will make up the canopy that covers the drive-thru lanes. “The logo with the tree is the canopy you drive under,” Reynolds says. The canopy should be highly visible to passing motorists, too, he adds. “It’s almost like a billboard.”
The credit union is working with NewGround, a St. Louis–based firm that specializes in planning, designing, and building branded spaces for financial institutions, organizations, and retailers.
For those who don’t need a physical office, sfcu also launched a completely virtual branch last fall.
“We’ve got a lot in the works,” Reynolds notes, but it’s all about being able to meet members where they are and provide what they need.
The credit union currently employs about 190 people, a figure Reynolds expects to grow by about 10 over the next two years to support the new branches and expanded field of membership.
With headquarters in Sidney, sfcu has 10 branches located in Sidney, Oneonta (2), Greene, Norwich, Walton, Delhi, Hancock, Bainbridge, and Amsterdam. With $717 million in assets, sfcu (www.sfcuonline.org) is a full-service financial institution.
