ROME, N.Y. - Up State FCU, chartered in 1951 as a state-chartered credit union which converted to a federal charter in 1979, is once again a state-chartered CU. The $280,000-million CU's charter conversion was approved by the State of New York Banking Department on April 19. As of May 1, the credit union will be known as Up State Credit Union. Roxanne Sopchak, vice president of marketing for the credit union said Up State has continually assessed the benefits of the different types of charters to determine which is in the best interests of the credit union's members. When Up State converted to a federal charter in 1979, it was so the credit union could take in select employee groups. During the months of uncertainty prior to passage of The Credit Union Membership Access Act, the credit union laid out its options again. Sopchak said the ambiguity in the language in the NCUA Field of Membership and Chartering Manual concerning "close proximity" forced the credit union's latest decision to convert. Up State includes among its nearly 80,000 members about 500 select employee groups throughout an eight or nine county area in central and northern New York. Because the credit union's members are so widely dispersed, Sopchak said "a community charter was not appropriate." -
ekingoff@cutimes.com
