Abbey Bowser, Author at Olean FCU

Olean Area FCU announces changes to Board of Directors

At Olean Area Federal Credit Union’s Annual Meeting, the financial institution’s volunteer Board of Directors announced new board appointments as well as two retirements.

Patrick Kelly, who served as Chairman of the Board since 1992, announced that he would step down from his Chair position but remain as a member of the Board of Directors. Michele Pancio, current board Vice-Chair was elected to the new Board Chair position. Michele joined the Olean Area FCU supervisory committee in 2006 and was appointed to the board in 2013. She was elected Vice-Chair in 2021. For over 30 years Michele has been co-owner of All American Financial Service and Insurance as well as Real Estate Development.

Current Board Member, Jason Crisafulli was elected as the new Vice-Chair. Jason joined the Olean Area FCU Education Committee in 2015 and was appointed to the board in 2018. Jason was the previous President of Kinley Corporation before his retirement. He also serves as Board President for the Greater Olean Area Chamber of Commerce and is a member of the Allegany Planning Board.

Michele stated, “Serving the credit union on the Supervisory Committee and the Board these past sixteen years has been an honor. I am looking forward to my new role as Board Chair and the opportunity to help guide Olean Area FCU into the future.” President & CEO, Rich Yeager added, “Michele has been an integral member of our board since the day she joined us and I’m confident in her leadership going forward. I would like to thank Pat for over 30 years of dedication to our credit union as Chairman and am certain he will continue to be an advocate for our members and communities in his new role.”

Along with these recent appointments, the Board also announced the retirement of two long standing Board Members, Glenda Hall and Jean McInroy. Glenda joined the board in 1983 and Jean in 2002. Both have been an essential part in the development and growth of Olean Area FCU. Rich Yeager, stated, “We sincerely thank Glenda and Jean for their years of service to our organization and the communities we serve. Their commitment has helped make our Credit Union what it is today.”

Member News you can use!

CUfocus Newsletter – 4th Quarter

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Olean Area FCU ranked among top Commercial Lenders.

Olean Area Federal Credit Union (FCU) was recently ranked among the top 20 largest Buffalo Commercial Lenders by Buffalo Business First. With four branch offices, an expanded Field of Membership, and a $47.41 million Commercial Loan Portfolio, Olean Area FCU earned its seat among 19 other reputable financial institutions in Western New York.

“It’s exciting to see our credit union on this list,” said Olean Area FCU’s Director of Commercial Lending, Mike Smith. “I sincerely believe this achievement can be attributed to our focus on excellent service and providing the best possible products to our members,”

Olean Area FCU offers a variety of commercial products to meet businesses everyday needs. Their deposit products include business checking, savings, certificates, and merchant services. Their commercial lending programs give local business owners peace of mind knowing that their commercial team is comprised of local lenders making local decisions. Lending services include term loans, lines of credit, commercial mortgages, credit cards, as well as offering loan programs through the Small Business Administration (SBA).

Over the past year, while many business owners navigated their way through the pandemic, the Credit Union assisted over 250 local organizations with over $21 million in funding through the Paycheck Protection Program (PPP).

As Olean Area FCU approaches their 50^th anniversary in 2022, CEO Richard Yeager recently commented on their growth and dedication to service, “To be included as one of the top commercial lenders in our area reflects our commitment to the communities we serve. We strive to give our commercial members flexible rates and terms to assist in their growth, and in turn, the growth of our local economies.”

Olean Area FCU is the second largest credit union in Western New York, with assets of $388 million. It currently serves over 19,000 members with four locations: 1201 Wayne Street & 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville, NY. In addition, Olean Area FCU recently opened an Operations Center at 234 Homer Street in Olean.

9 Steps to Buying Your First Car

Congrats—you’re buying your first car!

The process can be daunting, but Olean Area Federal Credit Union will walk you through it. Follow our guidelines for a stress-free ride!

1. Determine if you really need a car

OK, you weren’t expecting this, but it’s important to take a step back to review your actual transportation needs. Lots of college towns have a great bus system in place, which can save you loads on car costs. If you have a car-owning good friend you’ll be riding into town with each weekend, it may not pay for you to have your own set of wheels. Also, if your campus has everything you need within walking distance, it can be cheaper to rent a car when you need it instead of buying one now.

2. Know your budget

If you’ve determined that a car purchase is necessary at this point in your life, don’t start hunting for your dream car until you’ve worked out a realistic budget. Take a hard look at your other monthly expenses to see how much you can spare for a new set of wheels. Don’t forget to include some cash for auto insurance, gas and maintenance.

3. Create a tentative wish list

This is your first car, so it doesn’t need to have all the bells and whistles it does in your dreams. Sit down and make a list of all the “must haves” and “wants” you’re looking for in a vehicle. Determine how much each feature would cost you in a car and decide which are really important.

4. Obtain financing

If you’ve been saving up cash for your first car all through high school, you’re set! Otherwise, visit Olean Area FCU to learn about your auto loan options and to get your pre-approval.

5. Research your options

You’re ready to start looking for a vehicle that will satisfy your needs and wants. You can research ratings and user reviews on sites like Cars.com and create another list that contains your top three choices of car makes and models.

6. Look up listings

Start scavenging for listings of your car choices online and in your neighborhood. Once you’ve found several that might work, research their histories on Carfax.com and then contact the seller to set up a test drive.

7. Take it for a spin

If a car checks out and everything looks good, you’re going to want to take it for a test drive. Pay attention to details like legroom, acceleration, brake functionality and more while you drive.

8. Have it inspected

If you’re purchasing a used vehicle, it’s best to have it inspected by a mechanic before signing on the deal.

9. Make it official

If your car has passed the test drive and inspection, you’re ready to make it official! Be sure to read all documents before signing and obtain insurance before your first joyride.

Enjoy your new set of wheels and drive safely!

SOURCES:

https://www.carbuyingtips.com/first-time-buyer.htm

https://www.edmunds.com/car-buying/10-steps-to-buying-a-used-car.html

https://www.carbuyingtips.com/used.htm

Home Improvement Hacks

You’ve finally finished scrubbing and purging your home from top to bottom in honor of spring. And now, with every surface, closet, and room sparkling clean, you’re starting to see all the areas that could use a facelift. Maybe you’re hankering after a complete kitchen makeover. You might be dreaming of a fresh coat of paint for your bedrooms. Or maybe your window treatments are in desperate need of an overhaul.

The only thing standing between you and your dream home is finding piles of cash for funding it, right?

Maybe not. Lucky for you, you don’t need to spend a fortune this spring to give your house a new look. Read on for our list of home improvement hacks and learn how to upgrade your home on a budget.

1. Cabinet makeover

Instead of dropping a ton of money on replacing your kitchen cabinets, you can give a tired kitchen a fresh new look by replacing just the cabinet fronts. You’ll pay a fraction of the price and no one will know it’s your old, shabby cabinets hiding behind those beautiful new doors.

Want to go even lower-cost? Consider painting the front of your cabinet to upgrade the look without spending much money or time. You can also replace those dated cabinet pulls with something nicer and trendier for a more modern look.

2. Cover your countertops with contact paper

Granite countertops can be gorgeous, but they’re also incredibly pricey. Instead of taking out a second mortgage for beautiful counters, try covering them with pretty, patterned contact paper. You’ll find loads of granite lookalikes at home improvement stores and you can learn how to apply your knockoff covers neatly from DIY tutorials on YouTube. You might even fool your friends and family into thinking it’s the real thing. But don’t worry: We won’t tell anyone it’s fake!

3. Use PVC pipes for curtain rods

Pretty curtains and drapes add a splash of color and personality to any room. You can make your own inexpensive curtains by picking up some fabric from a sewing supply store. The only issue? You’ll need rods to hang up those curtains—and if you need specific measurements and colors, that can get pricey.

Make it happen with this hack: Use PVC pipes instead of curtain rods. You can paint your pipes to match the décor of the room and hang them with inexpensive hooks that fit well. Curtains, done!

4. Create a mirrored backsplash

All you need for this fantastic hack is a pack of self-adhesive mirror tiles. These retail for about $15 per 20-tile pack and you can find them online or at a home improvement store. Use your snazzy tiles to create a mirrored backsplash in your kitchen. Decorate with inexpensive decals to up the glam or just leave it bare. The mirrors will give the illusion of greater space and you won’t have to deal with grout and caulking. It’s a super-cheap way to make your kitchen sparkle!

5. Slipcover your sofa

If your sofa is hopelessly stained and you’d love to update it, but can’t spare the cash, try covering it in a slipcover. You can find a leather-look slipcover to match the shape of your sofa for $100 or less. They’re not just for protection; the right slipcover will give you an (almost) brand new couch! Make sure you read reviews before purchasing, because quality really makes a difference here.

6. Let the light in

Light fixtures can really make or break an area in your home, and you don’t have to spend a fortune to get it right. Walk through your home and take note of the light fixtures that are relics from a past life, paying close attention to highly visible areas. Then, take a trip to a home improvement store or check out sites like Wayfair and Hayneedle for trendy, striking light fixtures. For less than $100, you can give your house an entire new look!

7. DIY paint

If the walls in your home desperately need fresh coats of paint, look no further than your local home improvement store. No, you don’t have to be a genuine DIYer to get this right; it’s fairly simple. You’ll find loads of painting tutorials on YouTube, and you’ll only have to spring for the actual paint plus a few supplies. Best of all, when you’re in charge, you can get as creative as possible. Using painter’s tape and your imagination, you can paint funky designs on your walls, like diamond contrasts, vertical and horizontal stripes, or, if you’re feeling really artsy, go for a full-blown mural!

These hacks will make your home beautiful this spring for just a bit of money. If you need more major home improvements that require serious cash, though, we can help. Call, click or stop by Olean Area FCU today to ask us about opening a HELOC or taking out a home equity loan. We can make that happen, too!