About Us

Our Mission:

To exceed the expectations of our members by providing a complete line of financial products and services, while maintaining a personal touch with an “above and beyond” level of service, enhanced by education and financial literacy initiatives, resulting in the creation of a premier financial destination in support of our membership and our local communities.

Our History:

Olean Area Federal Credit Union is a not-for- profit, financial cooperative owned and operated by our members. For more than 40 years, we have provided excellent service and financial opportunities to our members. From checking, savings and share certificates to our low rate installment, home and mortgage loans as well as credit cards and business products and services.

Founded in 1972, Olean Dresser Clark Federal Credit Union’s first members were employees of Dresser Clark. In 1981 the credit union converted to a community charter, which remains today. At that time “Community” was added to the name and by the year 2000, our field of membership grew to include any person who lives, works, worships or attends school in Olean, Allegany, Ellicottville, Franklinville, Great Valley, Hinsdale, Humphrey, Ischua, Little Valley, Lyndon, Portville, Knapp Creek or Westons Mills and members of their immediate family.

For sentimental reasons “Dresser Clark” continued to be included in our name long after the company ceased to exist. To more accurately reflect our field of membership, our name was changed to Olean Area Federal Credit Union on February 19, 2002. Although we were very proud of our prior name, a name change was long overdue. Thanks to the support and trust of our members, we continue to provide the same quality financial services to our membership that we have for over 40 years.

We operate two branches located within the City of Olean and employ just over 50. As of December 2015, our assets reached over $255 million and we service more than 18,200 members. Olean Area Federal Credit Union is currently one of the largest and most respected full-service Credit Unions in Western New York.

Our Leadership:

Our Board of Directors is comprised of a group of volunteers elected by our membership who oversee the overall operations of the credit union. Our Supervisory Committee are volunteers appointed by the Board of Directors, who work in conjunction with them to ensure the credit union’s soundness and stability. In 2017, we established a volunteer Education Committee, also appointed by the board of directors, to learn the background of the credit union and work with the Board and Supervisory Committee.

Education Committee


Stephen Foster, CEO



Mary Palumbo, VP of Finance & IT



Lee Ann Dineen, VP of Operations / Human Resources



Richard A. Yeager, VP of Lending




Olivia Colburn, Manager of Security & IT



Keri Comstock, Manager of Member Services



Tonya Doxey, Manager of Compliance



Bonnie Gustin, Manager of Accounting



Sandra Plants, Manager of Loan Operations



Michael Smith, Sr. Commercial Lender & Commercial Operations Manager



Audra Stevens, Manager of Sales & Marketing



Credit Union Annual Reports:

2016 Annual Report

2015 Annual Report

2014 Annual Report

2013 Annual Report

Community Involvement:

Olean Area Federal Credit Union is committed to the communities in which we serve. We are involved with many local charities and organizations through financial support, staff volunteers and participation as well as providing three scholarships annually to local youth.