NEW HARTFORD, N.Y. — First Source Federal Credit Union said it has converted from a community charter to a multiple common bond charter following approval from the National Credit Union Administration, a move the credit union said will allow it to expand membership and reach additional communities.
The credit union said the conversion enables it to serve underserved areas, defined employee groups, associations and other organized entities through individual common bonds, while broadening its footprint in Oneida and Herkimer counties and beyond.
According to the $1.1-billion First Source Federal Credit Union, the updated charter structure will support continued growth while maintaining service to its existing membership base.
“First Source has a rich history dating back to 1938, starting as the Utica Teachers Federal Credit Union. It has evolved its field of membership over the years to best support the membership and communities that it has served,” President and CEO John Calabrese said in a statement.
‘Strengthens Our Foundation’
Calabrese said the decision reflects the credit union’s long-term strategy.
“The decision to convert our charter demonstrates our ongoing commitment to exceptional service of our members, growth, and sustainability,” he said. “The new structure strengthens our foundation and positions us for the future, while maintaining our unwavering commitment to our employees, our members, and communities that we serve.”
He added that the shift aligns with the broader mission of the credit union system.
“The credit union movement is about people helping people; and this change provides us the opportunity to help more people and communities, both strategically and responsibly,” Calabrese said.
First Source said the conversion took effect March 27 and does not impact existing member accounts, services or leadership.
