Credit union membership is growing faster than at commercial banks. In the greater CNY region, more than half a million residents belong to a credit union
By Aaron Gifford
Central New York credit union membership continues to grow, mirroring a national trend.
Nationally, credit unions reported a total membership of 142 million in 2024, up from 99 million a decade prior. The total assets of credit unions also more than doubled during the same time, from $1.1 trillion to $2.3 trillion.
For the third quarter of 2025, credit union deposits grew 5.1% from a year prior, compared to the 3.3% growth for traditional banks.
Loan growth was also up for both types of financial institutions, at 4.4% for credit unions and 4.7% for banks, according to the American Bankers Association.
Credit unions reported a net gain of 2.7 million members from the third quarter of 2024 to the third quarter of 2025, with more than 920,000 members in three months alone, nearly twice the number gained during last year’s second quarter, according to Callahan & Associates, a firm that advises credit unions.
Locally, more than half a million residents in Onondaga, Cayuga, Madison, Oswego, Oneida and Cortland counties belong to credit unions that collectively hold more than $8.5 billion in assets, according to the most recent data found on the National Credit Union Administration website.
“Credit unions across Central New York have experienced strong growth in recent years because we combine modern financial technology with a people-first philosophy,” said Ron Belle, president and CEO of AmeriCU Credit Union, adding that the company’s charitable foundation provided more than $1.1 million last year to local nonprofits and community organizations in the region.
“Credit unions’ clients still value being able to speak with knowledgeable staff who understand the financial realities of the communities we call home. That balance of convenience and personal service builds trust and long-term relationships.”
The regional totals don’t even include Broadview Federal Credit Union, which is based in Albany but has three branches in Syracuse and one in Cicero. Broadview serves more than 500,000 members and maintains nearly $9 billion in assets. Nor does it include Visions Federal Credit Union. Visions, headquartered in the Binghamton area, has branches in Syracuse, Cicero and Cortland, in addition to locations throughout the Southern Tier and into New Jersey and Pennsylvania. All told, Visions has 251,872 members and about $5.28 billion in assets.
Similar to banks, credit unions provide services like loans, checking and savings accounts and debit and credit cards. Credit unions, as nonprofit entities, are required to reinvest earnings to benefit their members, allowing them to provide lower fees and often better interest rates than commercial banks.
By contrast, banks offer more flexibility in membership without limitations on geographic location or employment status. They typically offer a wider range of services than credit unions and higher lending limits, especially in the areas of mortgages and home equity loans.
Empower Federal Credit Union, headquartered in Syracuse, is the largest in the Central New York region, with 303,010 members and $4.16 billion in assets, NCUA data indicates. It has 16 branches across Onondaga, Madison, Cayuga, Oswego, and Oneida counties.
Empower grew by 20,000 members in 2024 alone, the latest annual report on the company website notes.
AmeriCU, headquartered in Rome, Oneida County, is one of the largest full-service financial cooperatives in New York state. It serves more than 200,000 members and has nearly $3 billion in assets. The company website lists 25 financial centers across Central New York, the North Country (Watertown and Fort Drum), Lewis County, Herkimer County in the Mohawk Valley and Clinton and Essex counties in the Adirondack region.
In December, AmeriCU completed a merger with Mountain Valley Federal Credit Union, which has branches in AuSable Forks, Wilmington, Keeseville and the town of Peru. In recent years, it has also invested in a “digital-first” approach that gives members online and mobile tools to manage finances at their convenience, Belle said.
Oswego County is served well by credit unions, both large and small. Compass Credit Union, with offices in Oswego and Fulton, has 8,131 members and more than $101 million in assets. Oswego County Federal Credit Union, which has branches in Oswego, Fulton, Mexico and Phoenix, has 14,627 members and about $147 million in assets, according to NCUA.
Likewise, Cayuga County has Empower and AmeriCU branches in the city of Auburn, in addition to a smaller credit union. Auburn Community Federal Credit Union, which also has locations in Weedsport and Liverpool, serves about 8,000 members and has about $118 million in assets. In 2016, the nonprofit financial cooperative extended its community charter to include people who live, work, worship or attend school in Cayuga, Onondaga, Madison or Oswego counties.
“Each member has equal standing,” Auburn Community Federal’s website says. “Whether you have $5 in a savings account or a $25,000 loan, you’re treated the same with the same amount of dedicated, friendly service.”
SECNY has a corporate office on Onondaga Hill, a mortgage services office in Syracuse and branches in Baldwinsville, Fairmount, Skaneateles, Manlius and North Syracuse. It serves about 16,000 members and maintains more than $310 million in assets, according to NCUA.
Smaller credit unions in Onondaga County include Countryside Credit Union in East Syracuse, with 4,721 members and about $162 million in assets, Money Federal Credit Union in Syracuse (3,323 and $51 million), Salt City Federal Credit Union in Solvay (7,013 and $109 million) and Westar Federal Credit Union in Camillus (1,793 and $33 million).
“It makes a difference when everybody knows your name and knows how to help,” Westar’s website says.
AmeriCU isn’t the only credit union based in the Copper City. Rome Federal is actually much older, dating back to 1936 as two separate institutions that served the city of Rome employees and Revere Copper workers. Today, it has 1,826 members and $31.5 million in assets.
Oneida County also has a third credit union company, Access, which is headquartered in Clinton and also has offices in Rome, Camden, Sherrill and Oneida. It serves 23,172 members and maintains about $307 million in assets.
America’s Credit Unions, a trade association, reports on its website that U.S. credit unions employed 1.3 million people last year and combined with the $40-plus billion provided in total consumer benefits, had a $333 billion total economic impact. From 2020-21, during the early part of the pandemic, credit union loans increased by 13.5%, while bank loans increased by 6.9%.
It also said credit unions will increasingly be called upon to serve more than 51 million Americans who are considered financially vulnerable and live in “banking deserts” and underserved communities.
While credit union membership has remained strong across the nation, the number of credit unions is actually expected to continue decreasing, largely due to mergers. About 4,4419 credit unions were operating in September, a decrease of 171 from September 2024. About 170 credit union mergers are expected to take place this year, industry publication CUtoday reported in February. Additionally, the report said mergers have become necessary to cover the costs of AI-powered financial wellness tools and cybersecurity.
The NCUA reported that between the third quarters of 2024 and 2025, total assets at federally insured credit unions increased by 2.6% and 88 % of those companies reported positive net incomes in that one-year period.
