LIVERPOOL, N.Y. — Edge Federal Credit Union has merged with Sidney Federal Credit Union (SFCU) in a deal approved by Edge members on Sept. 19. The combination helps solidify SFCU’s entry into Onondaga County while also providing Edge members new products and enhanced services, SFCU President/CEO Jim Reynolds says. Edge got its start in 1956, […]
LIVERPOOL, N.Y. — Edge Federal Credit Union has merged with Sidney Federal Credit Union (SFCU) in a deal approved by Edge members on Sept. 19.
The combination helps solidify SFCU’s entry into Onondaga County while also providing Edge members new products and enhanced services, SFCU President/CEO Jim Reynolds says.
Edge got its start in 1956, founded by the teachers in the Liverpool Central School District. It includes a branch office at 7545 Morgan Road in Clay, as well as in-school, student-run branches at Liverpool High School and Baldwinsville’s Charles W. Baker High School.
Those ties to education as well as similar philosophies are what made the merger attractive, Reynolds contends. Talks between the two organizations began in earnest about nine months ago when Edge put out a request for proposals. Edge was looking for a merger partner since CEO Theresa Lotito Camerino is retiring at the end of this year.
“She knew we were moving into the market and have the same philosophy about member services,” Reynolds says.
Sidney Federal Credit Union broke ground this summer on its first Syracuse–area branch at 8062 Brewerton Road in Cicero. The project follows the credit union’s expansion of its membership field in late 2022 to include Onondaga, Cortland, Essex, and Hamilton counties. SFCU expects that branch to open in January 2024.
Edge brings about $65 million in assets to SFCU and boosts the credit union’s assets to more than $920 million. It also brings membership to over 70,000 across SFCU’s 11-branch network with the addition of Edge’s 2,600 members. SFCU also retained Edge’s seven employees.
Reynold’s says Edge’s two student-run branches, as well as a strong financial-education background was really appealing to SFCU as it looks to broaden its own financial-education offerings.
“We realize members are struggling right now,” he says. SFCU wants to offer more in the way of education and tools to members to help them manage and make the most of their money, especially in these times of high inflation. “It’s challenging times right now,” Reynolds says.
SFCU was already working to bolster its educational offerings, making sure to include a community room in the plans for the Cicero branch so it can hold financial-wellness seminars, first-time homebuyer classes, and other educational events.
“We can learn a lot from Edge and what they’ve been doing in the schools,” Reynolds notes.
SFCU has also been hard at work updating the products and services it offers to members.
It recently rolled out new online application and origination processes for business loans and mortgages. With hopes to expand its mortgage and home-lending business, the credit union is also working on expanding the home equity products it offers, Reynolds says.
Home buying may have cooled off with the current high interest rates, he says, but SFCU will be prepared with new products and technology when things turn around.
Headquartered in Sidney, Sidney Federal Credit Union also serves residents in Chenango, Delaware, Fulton, Madison, Montgomery, Otsego, and Schoharie counties and portions of Broome, Oneida, and Herkimer counties. Its other branch locations include Sidney, Oneonta (2), Green, Norwich (2), Walton, Delhi, Hancock, Bainbridge, and Amsterdam.
