Local Credit Union Reaches 250,000 Members
The nation’s 32nd largest credit union just got a little bit bigger.
Since its inception in 1963, Hudson Valley Federal Credit Union has managed to garner 250,000 members and counting. This milestone was reached in November, as Carmel resident Rich Quaglietta decided to join the credit union at the perfect time.
“In our marketing department, we have a computer system where we can see when people have joined, so we knew we were getting close to 250,000-member mark,” Brian Kelly, Hudson Valley Federal Credit Union’s marketing manager, said. “We went into the system and looked at the join rates and found out that it was Rich.”
In order to celebrate the credit union’s major landmark, Kelly and Putnam Branch Manager Julie Barr invited Quaglietta to its Carmel branch to receive a special VISA gift card of $250 for helping it achieve a quarter of a million members. When asked why he chose Hudson Valley Federal Credit Union, Quaglietta said it was to support business within the community.
“Local business is convenient,” Quaglietta said. “And [the credit union’s] personal service is outstanding.”
With 21 branches located in four counties, Hudson Valley Federal Credit Union currently has two branches in Putnam—one is located at 1995 Old Route 6 in Carmel and the other can be found at 1620 Route 22 in Brewster. Because it’s still expanding into the area, Kelly said it was almost ideal that Putnam contained the credit union’s 250,000th member.
“It is pretty exciting, we’ve been growing a lot over the last few years—the last two to three years we’ve definitely opened at least one branch per year,” Kelly said. “Reaching this quarter-million member mark is pretty exciting and it’s interesting for us to note as a company because we’re approaching our 50th anniversary, so it’s a nice ‘pre-milestone’ before we hit that mark in a couple of years.”
Though credit unions and banks offer similar services, the two differ in a variety of ways. Members, not stockholders, own Hudson Valley Federal Credit Union. Unlike banks that aim to earn a profit, credit unions are not-for-profit in order to ensure the financial needs of their members—most often, credit unions offer lower fees and more competitive pricing than bigger banks.
“We’re still kind of getting the word out about us being here in the county and letting the people and the residents of the county know that ‘hey, we’re here, we can help you with your banking,’” Kelly said. “So we’re still spreading the word and it’s nice that our 250,000th member is from this county so it can help us bolster our message.”
Adam has worked in the local news industry for the past two decades in Westchester County and the broader Hudson Valley. Read more from Adam’s author bio here.