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Sunmark FCU members voting on conversion of charter

Sunmark FCU members voting on conversion of charter

Shift from federal to state credit union would have little impact on members

LATHAM — Sunmark Federal Credit Union’s effort to convert from a federal to a state charter is nearing its conclusion, with members voting on the proposal through July 31.

Federal regulators already have approved the plan and Sunmark expects state regulators to do the same shortly. 

The move from federal to state oversight would have little impact on current members, Sunmark said, but would loosen residency requirements, so that new members could live in 12 eastern New York counties, rather than just the six in the heart of the Capital Region.

“This change will enable Sunmark to expand and serve people who work and live in financially underserved communities,” Sunmark CEO Frank DeGraw said in a news release.

Sunmark members, who are part owners of the credit union, can vote on the proposal online through the end of the month or in person at a meeting at Sunmark’s 1187 Troy-Schenectady Road headquarters at 6 p.m. Wednesday.

Sunmark was formed in Schenectady in 1937 as Schenectady G.E. Turbine Department’s Federal Credit Union #1884. It adopted its current name in 1997 to reflect its broader membership. It now has over 61,000 members and $707 million in assets.

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