In September of 1935 the Albany Firemen took a giant step into the future. They formed the 609th federal credit union in the United States. Of the 800 that were formed that first year, we currently are 1 of 189 still remaining. There are under 9,000 credit unions running in the United States, at this time, in the 1980's there were over 20,000 credit unions in the United States.

The first loan granted in November of 1935 was for $2.50. This loan was paid back at the rate of 5 cents a week. The opening of a bank account of 100 members with $400.00 shows how eager members were to support their own futures with financial stability. That stability has lasted for over 70 years. The Credit Union has changed over the years but its original intent of members helping members continues today. We have come a long way from the $2.50 loan to home equity loans up to $75,000. So has the market of loans. We loaned money from the first loan used for cloths to a loan for an airplane.

The Credit Union served its members for over 50 years from a firehouse. Currently we are housed at 532 Central Ave, at our newly renovated offices. This change has brought about stable hours and the ability of the Credit Union to serve our family members. From two days a week to 5 days a week with over a 10 million in assets.

The Board of Directors is committed to services first when dealing with our members, we made this commitment with our skilled employees using individual offices to give each member total attention. The Changing economics of this country to world economics has made financial institutions fall, mergers or closing their doors. We believe the conundrum of economics is here to stay for a while longer. We have taken our position to be responsible in our dividends and interest rates to give the best rates as always to our members. Without jeopardizing the stability of the Credit Union.

The ubiquitous financial market has forced the Credit Union out the household loans that used to dominate our loan portfolio. We are dominated by car, truck, boat and home equity loans, which are almost endless in value.

We have indeed changed from collecting envelopes in the firehouses for loan payments and deposits to direct deposit of paychecks and retirement payments.

It will be our job as in the founding members to preserve the Credit Union for our future generation.

View our building construction project from 2004-5.

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