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Hudson Valley CUs membership booming in economys wake
POUGHKEEPSIE, N.Y. (9/21/10)--Hudson Valley credit unions in New York state are experiencing booming credit union membership in the wake of the economic recession. Hudson Valley FCU, a $2.9 billion asset, Poughkeepsie, N.Y.-based credit union, grew its membership by 10,000 in 2009 and is on pace to the same amount of new members this year, said Stephen Nikitas, Hudson Valley president of marketing (Times Herald-Record Sept. 19). “We have been the beneficiary of the general dissatisfaction with all the issues that transpired in 2008,” he told the newspaper. “People who've been customers of big banks are frustrated with what's going on, and are looking more locally, and are looking more at credit unions than they had before.” Hudson Heritage FCU, a $222.4 million asset, Middletown, N.Y.-based credit union, is averaging 4% annual membership growth, and is expecting 10% growth for 2010, Michael Ciriello, Hudson Heritage president/CEO, told the paper. The article described how a local resident switched to Melrose CU, a $1.28 billion asset, Briarwood, N.Y.-based credit union, from her bank to obtain better interest rates on share certificates. The article also mentioned Mid-Hudson Valley FCU, a $697.5 million asset, Kingston, N.Y.-based credit union. “Hopefully consumers are understanding the mission of the credit union movement, which is to help people become financially independent, save more, buy a house,” William Mellin, president of the Credit Union Association of New York, told the paper. “Our purpose is to help American consumers realize those types of financial dreams.” To read the article, use the link.
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