The CORE Federal Credit Union of East Syracuse has been named Federal Credit Union of the Year for its size by a national credit union group. The National Association of Federal Credit Unions will recognize CORE on Thursday at its annual conference in Chicago. CORE was best in the asset size category of less than $150 million. The winner...
East Syracuse-Minoa High School students Keith Norton (left), 16, of East Syracuse, and Steve Marx (right), 17, of East Syracuse, practice being in the real world of banking during school hours. Norton is depositing money into his account at East Syracuse-Minoa High School's new credit union at the school. It was created by CORE Federal Credit Union of East Syracuse which has been named Federal Credit Union of the Year .
The CORE Federal Credit Union of East Syracuse has been named Federal Credit Union of the Year for its size by a national credit union group.
The National Association of Federal Credit Unions will recognize CORE on Thursday at its annual conference in Chicago. CORE was best in the asset size category of less than $150 million. The winner with assets of more than $150 million was Pentagon Federal Credit Union, which serves military personnel.
"We’re very excited," said CORE President and CEO William Sweeney. "We’ve always strived to provide superior member service."
The credit union was founded 50 years ago with about 30 people from the East Syracuse school district. It was called the East Syracuse Teachers Association Employees Federal Credit Union and had about $300 in assets.
It’s grown to include people from local school districts, villages, towns, churches, businesses and community groups. It has about 9,400 members and crew grew 4 percent this year. It has about $68 million in assets.
Focusing on its members and what they need is one key to the credit union’s success, Sweeney said. The credit union has developed programs such as financial literary for students and a college loan program which are designed in response to needs expressed by its members, Sweeney said.
The credit union was selected because of its strong financial performance in a down economy and the growth rate in its membership, which was four times higher than other credit unions in its peer group in 2009, NAFCU said.
CORE’s "College Cash" private student loan program doubled its volume last year, as the credit union offered low-rate financing at a time when many other banks had stopped making private student loans.
Community involvement has resulted in more than $10,000 in scholarships and thousands of dollars in donations to area churches and not-for-profit organizations through its "Funds for Fuel" program. It also works with Home HeadQuarters to support its Flex Fund program, which provides low-rate loans to low to moderate income borrowers.
The credit union participates in student financial literacy training, operating a kindergarten through eighth grade bank-at-school program, after school high school finance seminars, area-wide teen finance forums and adult education seminars.
The credit union operates the first student-run credit union in Central New York at East Syracuse Minoa High School. CORE has offices in East Syracuse, North Syracuse and a new office in Morrisville.
About 30 credit unions applied for the honor; NAFCU officials said. The majority of credit unions in NAFCU are smaller.
Elizabeth Doran can be reached at edoran@syracuse.com or 470-3012