{"id":40568,"date":"2025-04-21T12:23:18","date_gmt":"2025-04-21T16:23:18","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=40568"},"modified":"2025-04-21T12:23:18","modified_gmt":"2025-04-21T16:23:18","slug":"saratogas-community-federal-credit-union-expands-reach-prioritizing-community-over-profit","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2025\/04\/saratogas-community-federal-credit-union-expands-reach-prioritizing-community-over-profit\/","title":{"rendered":"Saratoga\u2019s Community Federal Credit Union Expands Reach, Prioritizing Community Over Profit"},"content":{"rendered":"<p>By Ann Donnelly<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Saratoga\u2019s Community Federal Credit Union, a local institution with deep roots dating back to 1945, is embarking on an ambitious expansion, extending its services to Fulton, Montgomery, Warren, and Washington counties. This move marks a significant step for the credit union, also known as Saratoga Federal, which has historically served the Saratoga community, starting as an organization for Saratoga teachers.<\/p>\n<p>The credit union\u2019s recent approval to expand its charter reflects a commitment to serving underbanked communities, a core principle emphasized by its governing agency, the NCUA. The decision to extend services northward comes from the organization\u2019s desire to provide essential financial services to areas where traditional banking options may be limited.<\/p>\n<p>According to Don Denofio, Saratoga Federal\u2019s President and CEO for nearly 20 years, \u201cThe regulators were saying, get into places where there\u2019s no banking because that\u2019s where we can make a difference as an organization.\u201d This philosophy underscores the credit union\u2019s dedication to serving individuals who may not fit the stringent criteria of traditional banks, particularly those with lower credit scores or limited financial histories.<\/p>\n<p>Unlike banks, credit unions operate on a member-owned model, where customers are shareholders, not just account holders. This structure allows for a more community-focused approach, reinvesting profits into the members through lower fees, competitive loan rates, and higher savings rates. While the gap between credit union and bank offerings has narrowed in recent years, the fundamental difference remains: credit unions prioritize member benefit over maximizing shareholder profits.<\/p>\n<p><span class=\"Apple-converted-space\"><span class=\"\"><b><span class=\"s1\"><span class=\"s2\"><!--more--><\/span><\/span><\/b><\/span><\/span>Expanding into the four new counties will be facilitated through a network of shared branches and ATMs, partnering with existing credit unions and retail locations like Price Chopper and Stewart\u2019s Shops. This strategy provides members with convenient access to banking services without the immediate need for physical branches. The credit union is also implementing a 24\/7 phone and online lending service to enhance accessibility further.<\/p>\n<p>\u201cWe\u2019ll have more locations technically than any bank in those counties,\u201d Denofio notes, highlighting the credit union\u2019s commitment to providing comprehensive services to its expanded membership.<\/p>\n<p>The credit union\u2019s approach to lending is also a key differentiator. Recognizing that not everyone has a perfect credit score, they prioritize helping individuals who traditional banks may have turned away. This philosophy aligns with the credit union\u2019s mission to empower individuals and contribute to the economic well-being of the communities it serves.<\/p>\n<p>\u201cWe\u2019re willing to give them a chance,\u201d Denofio explains. \u201cMy feeling is if you don\u2019t have a credit score, we will guess that you didn\u2019t do anything wrong. Where with the banks, if you don\u2019t have a credit score, \u2018Come back when you get one.\u2019\u201d<\/p>\n<p>The expansion goes beyond providing financial services, as Denofio is focused on building relationships and fostering community growth.<span class=\"Apple-converted-space\">\u00a0 <\/span>Rosemarie Smith has been hired as a Business Development Officer to achieve this. She will build relationships within the new counties, attend local meetings, and engage with community organizations like Habitat for Humanity and Chambers of Commerce.<\/p>\n<p>While the credit union plans to establish physical branches in the new counties, the initial focus is to build trust and demonstrate a commitment to the community. This measured approach reflects a long-term vision of sustainable growth and community development.<\/p>\n<p>The credit union\u2019s recent relocation of its main office within Saratoga Springs also underscores its commitment to member accessibility and safety. After 17 years, the credit union moved to a more accessible location with ample parking and enhanced security, addressing member concerns and improving overall service.<\/p>\n<p>As Saratoga Federal expands its reach, it carries with it a legacy of community service and a commitment to empowering individuals and fostering economic growth in the region. Its focus on people, rather than just profits, positions it as a vital resource for the communities it serves.<\/p>\n<p>For more information on Saratoga\u2019s Community Federal Credit Union, visit https:\/\/www.saratogafcu.org.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Ann Donnelly\u00a0 Saratoga\u2019s Community Federal Credit Union, a local institution with deep roots dating back to 1945, is embarking on an ambitious expansion, extending its services to Fulton, Montgomery, Warren, and Washington counties. This move marks a significant step for the credit union, also known as Saratoga Federal, which has historically served the Saratoga [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-40568","post","type-post","status-publish","format-standard","hentry","category-home-real-esate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Saratoga\u2019s Community Federal Credit Union Expands Reach, Prioritizing Community Over Profit - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2025\/04\/saratogas-community-federal-credit-union-expands-reach-prioritizing-community-over-profit\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Saratoga\u2019s Community Federal Credit Union Expands Reach, Prioritizing Community Over Profit - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Ann Donnelly\u00a0 Saratoga\u2019s Community Federal Credit Union, a local institution with deep roots dating back to 1945, is embarking on an ambitious expansion, extending its services to Fulton, Montgomery, Warren, and Washington counties. 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