SYRACUSE, N.Y. — Cooperative Federal, a credit union founded and headquartered in Syracuse, on July 21 formally opened its relocated office at 1816 Erie Boulevard East in Syracuse. The credit union’s Erie Boulevard location replaced a branch formerly located just under 1 mile away at 723 Westcott St., where Cooperative Federal operated from 1994 through […]
SYRACUSE, N.Y. — Cooperative Federal, a credit union founded and headquartered in Syracuse, on July 21 formally opened its relocated office at 1816 Erie Boulevard East in Syracuse.
The credit union’s Erie Boulevard location replaced a branch formerly located just under 1 mile away at 723 Westcott St., where Cooperative Federal operated from 1994 through this spring.
The new branch, which has 21 employees, had a “soft opening” on April 20, Meagan Weatherby, development and communications manager for Cooperative Federal, tells CNYBJ in an email.
From this new location, Cooperative Federal contends it offers “expanded access” to financial services for homeownership, small business, personal banking, and credit, “with a focus on reaching people and communities that have been unjustly excluded from wealth.”
“Since our founding over 40 years ago, Cooperative Federal has been more than a financial institution — we are part of the movement for racial and economic justice,” Christina Sauve, CEO of Cooperative Federal, noted in a news release about the grand-opening event. “We use the tools of finance to help uplift Syracuse neighborhoods, unlocking opportunities for homebuyers, entrepreneurs, and people from all walks of life.”
Sauve went on to say. “Above all, Coop Fed’s work is grounded in a commitment to inclusion and solidarity. We know that the only way to reckon with current and historical injustice is to support one another and work side by side.”
The Erie Boulevard East office is now the credit union’s largest branch, offering updated amenities including drive-through service. It represents a “centralized hub” for member service, lending, financial counseling, community development, and back-office operations, including off-street parking.
“As the only Minority Depository Institution [MDI] in the Central NY region, Cooperative Federal has the potential and the responsibility to serve more people,” Sauve said.
MDIs are banks and credit unions where people of color are the majority of the account holders, board leaders, and service-area residents. Cooperative Federal currently serves nearly 6,000 households, small businesses and community organizations, and is on a mission to double that number over the next several years.
“By moving into a larger and more centrally located facility, in a highly diverse neighborhood, Cooperative Federal will build on our founders’ legacy and rise to the challenges facing Syracuse today,” Sauve added. “We welcome all the people of Syracuse to join us.”
The credit union was founded by community organizers in 1982 with a mission to “provide equitable access to capital” for homeownership, small business, and personal finance, per the credit union.
The new branch is also located in a certified opportunity zone, meaning it is designated by local government as a priority area for economic development. Through its presence, Cooperative Federal says it aims to support development that is “inclusive, sustainable, equitable, and beneficial to neighborhood residents who are predominantly people of color living in low-income households.”
Besides the new Erie Boulevard location, Cooperative Federal also has locations at 401 South Avenue (inside the Southwest Community Center), 800 North Salina St., and 516 Burt St. (inside the Syracuse Housing Authority).