Bath: Big Changes For VAC Credit Union

New Charter, New Name

 Press Release - June 2018 marked 69 years since the original eight members met and each contributed five dollars to open an account and signed the charter forming the VAC Employees Federal Credit Union. Those 69 years saw many changes while growing from that $40 in assets to over $26 million today. A couple of things have remained the same through those years. First, the dedication of the Board, management, staff and volunteers to ensure that its members receive the best possible services and products have been the driving principles in guiding us forward. The other constant has been the limits in the charter restricting membership to the federal and local government employees along with a few underserved Select Employee Groups as approved by NCUA. During the past couple of decades, local changes have resulted in the VA no longer being the biggest membership percentage.

The solid foundation of our credit union allowed us to ride out the banking collapse in 2008 and the subsequent years of recovery. However, the limited scope of our membership has prevented us from expanding the number of products available to the members. Because of this, the Board and the manager have spent 2018 taking steps to change all that. We have applied for and have been approved to now be a “Community Charter”. This means that now any person who lives, works, worships or goes to school in Steuben County is eligible to be a member of this credit union. The best part is that the cost to open a share account is the same five dollars as in 1949. As a way of acknowledging the new geographical area of membership opportunity; the board, manager and staff have submitted a request to change the name of the credit union as well. NCUA has reserved our new name; “Steuben Citizens Federal Credit Union” which is slated to take effect in 2019.

This all has been and continues to be a huge undertaking, but we feel this is the best opportunity to expand and bring additional services to our current and future members. This includes “Mobility Banking” which should be available by early 2019. In the coming months, several promotions are planned including traveling to many areas of the county with information and assisting new members to join on site. In celebration of this new charter and our expanded field of membership; we are running a New and Used Auto Loan promotion during the month of October at 1.90% on qualifying vehicles. Now is the time to check out the VAC Employees Federal Credit Union if you’re in the market for a car or truck.

Membership does have its privileges and it is our goal to see that all of the citizens of Steuben County have the opportunity to take advantage of their membership. Our office is located at 2 Wilson Ave., in Bath and you are free to contact us at 607-776-4197 or check the website at www.vacemployeesfcu.com.