Newsletters & Communications
- 2020 4th Qtr Newsletter
- 2020 3rd Qtr Newsletter
- 2020 2nd Qtr Newsletter
- 2020 1st Qtr Newsletter
- 2019 4th Qtr Newsletter
December 2020- Credit Union Seeks Volunteers to Expand Board Committees
As our Credit Union continues to grow, and expand, we are actively searching for volunteers to help with some of the challenges before us. It is an exciting time to become involved at the Credit Union. Recently we have been granted a charter expansion into Allegany County in New York and McKean & Potter Counties in Pennsylvania. We are finalizing a new branch office in Portville and are planning an Operation’s Center to accommodate a need for more space, as we have outgrown our location at Wayne Street.
We presently have a Board of Directors, a Supervisory Committee, and a Volunteer Education Committee. The Board of Directors consist of 9 members, the Supervisory Committee consists of 4 members with a maximum of 5 members and the Volunteer Education Committee with no members at the present time. We would like to add a member to the Supervisory Committee and establish an undetermined number to the Volunteer Education Committee.
The Board of Directors are elected by the membership with a three-year term, with three Board Members being elected each year. Members of the Supervisory Committee and Volunteer Education Committee are appointed by the Board of Directors. The Board of Directors and the Supervisory Committee have established duties and responsibilities established by the National Credit Union Association (NCUA) and the Volunteer Committee was established by the Board of Directors to help fill vacancies when needed. To become a member of the Supervisory Committee or the Volunteer Education Committee, you must be a member of the Credit Union, ascertaining that there are no issues with obligations to the Credit Union, complete an application and conduct an interview with the current Board. All members of the Board, Supervisory or Education Committees are required to understand the obligation of confidentiality. Confidentiality must be adhered to with absolutely no violation of trust.
The Volunteer Education Committee primarily works with the Supervisory Committee and is invited to attend monthly Board of Director meetings. Members of the Supervisory Committee and Volunteer Education Committee have no vote on matters before the Board of Directors but have an opportunity to provide input to the discussion and to learn in inter-workings of the Credit Union.
An application for volunteering is available below. Please email a completed application to email@example.com or drop off at any of our branch locations.
November 2020 – Olean Area FCU Appoints Richard Yeager as Chief Executive Officer.
Olean Area Federal Credit Union is pleased to announce the appointment of Richard Yeager as the company’s Chief Executive Officer, effective immediately. Rich had been serving as Interim CEO since August of 2020.
Mr. Yeager is a graduate of the University of Pittsburgh, and has held senior leadership roles at local financial institutions for over 25 years. Rich joined Olean Area Federal Credit Union in 2012 as the Vice President of Lending, overseeing all loan operations including consumer, mortgage and commercial lending.
When asked about his new position, Rich stated, “I am honored and humbled to have been chosen for this role. I am excited to grow with such a fantastic organization and look forward to working together with our board of directors and staff as we continue to grow and evolve.”
Patrick Kelly, Board President, added “The Olean Area FCU Board of Directors is pleased that Rich has accepted the position as CEO. We are confident that under Rich’s leadership we will successfully expand our footprint while continuing our tradition of delivering quality products and superior service to our members and supporting the communities we serve.”
August 2020 – Groundbreaking Ceremony Kicks off Construction of new Portville Branch.
Olean Area FCU broke ground recently to mark the start of construction for the new Portville branch located at 160 S. Main Street. The full-service branch, slated to open in early 2021, will include two drive-thru lanes, a walk-up and drive-thru ATM and coin machine.
Pictured above (left to right) are Brady Sturm and Levi Feely of Clark Patterson Lee, Rodney Gleason of Kinley Corporation, Portville Mayor Tony Evans, Board Member Glenda Hall, Board President Pat Kelly, Interim CEO Rich Yeager, Supervisory Committee Chair Bob Olander, and Board Members Lola Stoughton and Michele Pancio.
July 2020 – Olean Area Federal Credit Union granted charter expansion.
With a community driven and member focused mission, Olean Area Federal Credit Union prides itself on service standards, community involvement and member experience. While other local financial institutions are leaving the area, Olean Area FCU is happy to announce an expansion of its community charter approved by the National Credit Union Administration. The expansion includes all of Allegany and Cattaraugus Counties, NY as well as McKean and Potter Counties, PA. The credit union can now serve anyone who lives, works, worships, or attends school in these four counties, their immediate family members, as well as businesses and organizations.
The charter expansion will enable the credit union to bring community focused financial services to the four contiguous counties.
“By expanding our field of membership, our services will be more easily accessible to both our current members and those interested in becoming new members. We have had many residents and businesses in the past who were unable to join due to their location, making this expansion a clear and necessary next step,” stated Stephen Foster, CEO.
Olean Area FCU Board President, Patrick Kelly added, “As an organization, our primary goal is to maintain our values and continue providing exceptional service and a strong sense of community as we broaden our reach throughout these four counties.”
While there are currently no branches in Allegany, McKean and Potter counties, the credit union recently made it possible to apply for membership online. Eligible residents can visit www.oleanareafcu.org to begin the application process. Additionally, by utilizing the convenient online, mobile and phone center service, members can make most financial transactions remotely. This is especially beneficial for those who don’t want to visit a branch in person, due to the current pandemic.
The credit union currently has three locations, 1201 Wayne Street and 206 North Clark Street in Olean, NY and 180 West Main Street in Allegany, NY. They recently announced a fourth location at 160 South Main Street in Portville, NY, slated to open in early 2021. This full-service branch will provide a more convenient location for members in Allegany, McKean and Potter counties.
Olean Area FCU is the 2nd largest credit union in Western New York, with over 19,000 members and assets of $341 million.
May 2020 – Olean Area Federal Credit Union donates to local food pantries amidst ongoing need.
Olean, NY – As local food pantries struggle with a decrease in volunteers due to physical distancing and an increase in demand for distribution, Olean Area FCU announced a $1,500.00 donation to three local food banks.
The monetary donation was given to Creekside Chapel Food Pantry, Loaves and Fishes, and the Olean Food Pantry, each receiving $500.00.
Stephen Foster, CEO, stated, “As an essential service provider, we remain committed to the health, safety and well-being of our community members and will support those who need it the most during these unprecedented times. Our local food banks provide such a vital service to our friends and neighbors throughout our region year-round, and especially in times of great need. The team at Olean Area FCU is happy to lend our support as we all work together to stay healthy during this pandemic.”
May 2020 – Olean Area Federal Credit Union Awards Scholarships to local seniors.
Olean, NY – Olean Area Federal Credit Union has awarded $1,500 in college scholarships to three high school seniors to help finance their college education.
The students, who are members of Olean Area FCU, were chosen based on their outstanding academic and extracurricular achievements.
“We are very pleased to award these scholarships to our hard-working young members,” said Stephen Foster, CEO “It proves that the ‘people helping people’ philosophy of the credit union movement is alive and well within our community.”
The high school seniors who received the awards were: Madelyn Hoffman of Olean, Emmy Li of Allegany, and Madison Smith of Allegany.
In addition to the Olean Area FCU Scholarship, our Allegany seniors, Emmy Li and Madison Smith were also awarded scholarships through the Jamestown Credit Union Chapter and the New York Credit Union Association.
February 2020 – Olean Area Federal Credit Union Announces New Branch in Portville.
Olean Area Federal Credit Union is proud to announce a new future branch location in Portville, NY. Olean Area FCU confirmed that the new branch, slated to open in the 1st quarter of 2021, will be located at 160 South Main Street. The new full-service branch will feature loan, teller and membership services, as well as a 24-hour walk-up and drive-thru ATM.
The new location is designed to better accommodate Olean Area FCU’s growing membership base within its current service area.
Stephen Foster, CEO stated, “We are proud to debut this new branch in Portville and remain committed to providing our members with exceptional products and services to help them reach their financial goals.”
Patrick Kelly, Olean Area FCU Board President added, “We researched several communities and found the town of Portville to be a perfect fit. Their strong sense of community and commitment to education are things we value and support as a credit union in the communities we serve.”
Olean Area FCU is the 2nd largest credit union in Western New York, with assets of $304 million. The credit union currently serves over 19,000 members with three locations, 1201 Wayne Street and 206 North Clark Street in Olean, and 180 West Main Street in Allegany.
May 2019 – Olean Area Federal Credit Union Awards Scholarships to Members.
Olean Area Federal Credit Union has awarded college scholarships to three area high school seniors to help finance their college education.
The students, members of the Credit Union, were chosen based on their outstanding academic and extracurricular achievements.
“We are very pleased to award these scholarships to our hard-working young members,” said Stephen Foster, CEO. “It proves that the ‘people helping people’ philosophy of the credit union movement is alive and well here in our community.”
The high school seniors who received the awards were: Christine Pagett from Portville Central. Christine also received the Chapter and State awards for her achievements. She plans to attend Ohio State University. Lauren Schifley and Meghan Brink from Allegany-Limestone. Lauren plans to attend Canisius College and Meghan plans to attend SUNY Albany.
Feb 2018 – Enchanted Mountains Federal Credit Union Plans Merger with Olean Area Federal Credit Union
Olean Area Federal Credit Union’s CEO, Stephen Foster announces the merger of Enchanted Mountains Federal Credit Union into Olean Area Federal Credit Union.
The merger was first approved by the National Credit Union Administration on December 28, 2017, and then overwhelmingly approved by member vote of Enchanted Mountains Federal Credit Union membership on January 26, 2018. “We are extremely excited about the merger and feel there are advantages to members of both organizations,” says Foster.
Sheila Rees, President & CEO of Enchanted Mountains Federal Credit Union stated, “Increased costs of technology prohibit a smaller institution such as ours from the ability to offer services such as mobile deposit and ATM’s. We are pleased in the vote and that our members will become part of an organization that has the same commitment to the community as we do.”
A June 11, 2018 merger date has been set with an informational mailing going out to members in March. Additionally, member information will be posted on the home page of both credit union websites: oleanareafcu.org and enchantedmountainsfcu.org.
Olean Area FCU is the 2nd largest credit union in Western New York, with assets of $269 million. The credit union currently serves over 17,800 members with two locations on Wayne Street and North Clark Street in Olean. Enchanted Mountains FCU with assets of $12 million has a membership of just over 1,000.