Question 1

What is ServU Federal Credit Union (ServU FCU)?

Accepted Answer

ServU Federal Credit Union (ServU FCU) is a member-owned, not-for-profit financial cooperative based in Painted Post, New York. With approximately $495 million in total assets and serving over 39,000 members, ServU FCU operates as a community-focused credit union across multiple counties in New York and Pennsylvania.

The credit union is governed by an elected volunteer Board of Directors and focuses on promoting thrift among members while providing access to affordable credit for economic and productive purposes. ServU FCU has grown from its educational roots into a multi-occupational charter, expanding its reach throughout the Southern Tier region.

Question 2

When was ServU Federal Credit Union (ServU FCU) founded?

Accepted Answer

ServU Federal Credit Union was established on March 15, 1956, by employees of the Corning City School District. The credit union was originally named "Corning Teachers Credit Union" and initially served only teachers and staff from the Corning School District.

In 1974, the credit union expanded its charter to include all schools in Steuben County (except Hornell and Arkport). On June 1, 1977, the National Credit Union Administration (NCUA) approved a name change to Steuben Educators Federal Credit Union, reflecting its broader educational focus.

Two years later, in 1979, the credit union moved into its first permanent location at 77 Victory Highway in Painted Post, NY. The institution transitioned from an educational charter to a multi-occupational charter in 1981, which allowed for significant expansion beyond the education sector. On May 13, 2004, the NCUA approved the current name change to ServU Federal Credit Union, reflecting its service-oriented mission and diverse membership base.

Question 3

Where is ServU Federal Credit Union (ServU FCU) headquartered?

Accepted Answer

ServU Federal Credit Union is headquartered at 87 Victory Highway in Painted Post, New York. This location serves as the credit union's administrative office and main branch facility.

In October 2021, ServU FCU completed construction of a new headquarters branch at this address, replacing the previous facility and providing enhanced services to members. The credit union also maintains a Science Center Drive location in Painted Post that houses administrative offices.

Question 4

Where does ServU Federal Credit Union (ServU FCU) operate?

Accepted Answer

ServU Federal Credit Union operates throughout the Southern Tier region, serving members across 17 counties in New York and Pennsylvania. The credit union maintains multiple branch locations to serve its widespread membership base.

New York counties served: Allegany, Cattaraugus, Chemung, Genesee, Livingston, Ontario, Schuyler, Seneca, Steuben, Tioga, Tompkins, Wyoming, and Yates.

Pennsylvania counties served: Bradford, McKean, Potter, and Tioga.

Membership is open to individuals who live, work, worship, regularly conduct business in, or attend school in any of these counties. The credit union has branches in Painted Post, Bath, Dundee, Hornell, and Alfred, serving Steuben, Yates, Schuyler, and Allegany counties.

Question 5

What services does ServU Federal Credit Union (ServU FCU) offer?

Accepted Answer

ServU Federal Credit Union provides a comprehensive range of financial services designed to meet diverse member needs:

Deposit Accounts: Single, joint, and custodial savings accounts for minors, checking accounts, Individual Retirement Accounts (IRAs), and club savings accounts. Members benefit from payroll deduction and direct deposit options.

Lending Services: Consumer loans, home equity and improvement loans, mortgage products, and auto loans. The credit union offers competitive rates and flexible terms to help members achieve their financial goals.

Card Services: Visa debit cards, Visa Classic credit cards, and ServU Rewards Cards that offer points on purchases. Members can access their accounts through an extensive ATM network.

Digital Banking: ServU FCU offers robust digital services including online banking, bill pay capabilities, and a mobile banking app that allows members to deposit checks, transfer funds, pay bills, and locate ATMs. The credit union provides 24-hour automated telephone banking for convenient account access.

Additional Services: Money orders, official checks, notary services, signature guarantees, and financial education resources to help members make informed decisions.

Question 6

What makes ServU Federal Credit Union (ServU FCU) unique?

Accepted Answer

ServU Federal Credit Union distinguishes itself through its strong community commitment and member-centric approach. The credit union actively supports local businesses and organizations through volunteering, sponsorships, and innovative student-run branches at educational institutions.

Community Focus: ServU FCU maintains deep roots in the communities it serves, having grown through strategic mergers with local credit unions including Maple City Health Care Credit Union (1987), Old Rheims Federal Credit Union (1989), Keuka-Seneca Federal Credit Union (1993), Hornell School Employees Credit Union (2002), and Alfred Allegany Educational Employee's Credit Union (2008).

Member Ownership: As a true cooperative, members are shareholders who own and control the credit union through democratic elections. This structure ensures that profits are returned to members rather than external shareholders.

Proven Stability: With nearly 70 years of service since 1956, ServU FCU demonstrates consistent growth with healthy financial metrics including a 14.92% net worth ratio, 86.08% loan-to-share ratio, and steady asset growth. The credit union has expanded both its membership (growing 3.49% year-over-year) and its asset base (growing 5.51% year-over-year).

Accessible Membership: The credit union's broad geographic charter covering 17 counties makes membership accessible to a wide population in the Southern Tier region of New York and Pennsylvania.

Question 7

What type of financial institution is ServU Federal Credit Union (ServU FCU)?

Accepted Answer

ServU Federal Credit Union is a federally chartered credit union regulated by the National Credit Union Administration (NCUA), as indicated by its NCUA Charter Number 10933. Federal credit unions operate under federal regulations and receive federal deposit insurance.

As a member-owned financial cooperative, ServU FCU operates on a not-for-profit basis with a mission to serve its members' financial needs. Members become shareholders by opening an account, and each member has equal voting rights regardless of account balance—following the democratic principle of "one member, one vote."

The credit union's multi-occupational charter allows it to serve individuals who live, work, worship, conduct business, or attend school within its defined 17-county field of membership. This cooperative structure means that profits are returned to members through competitive rates, lower fees, and enhanced services rather than being distributed to outside investors.

ServU Federal Credit Union (ServU FCU)

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About ServU Federal Credit Union (ServU FCU) in the United States