Newsletters & Communications
- 2020 1st Qtr Newsletter
- 2019 4th Qtr Newsletter
- 2019 3rd Qtr Newsletter
- 2019 2nd Qtr Newsletter
- 2019 1st Qtr Newsletter
- 2018 3rd Qtr Newsletter
- 2018 2nd Qtr Newsletter
- 2018 1st Qtr Newsletter
**Due to the COVID-19 pandemic, our Annual Meeting has been postponed until Monday, August 17th.
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.
Feb 2017 – A Message from Our CEO, Brian Snyder
After working 45 years in our local financial community. It is with mixed emotion I announce my upcoming retirement on December 31, 2017.
This decision is bittersweet for me. I enjoy the personal member contact and the fulfillment of making someone’s life easier due to a product or service we provide. I truly believe that personal touch and the relationships you build are what make an organization successful; it’s certainly worked for me over the years.
However, on the sweet side, I look forward to spending time with my family. Without their support during my career, which included long days devoted to member/customer service and service to our community, I would not have achieved my goals. Again, I am very lucky.
During the next few months, the Board is responsible for finding a new CEO, one who is the “best fit” to continue the quality of service that our credit union team is known for and who will provide leadership to both our employees and membership into the future.
Pat Kelly, Board President stated, “We’re thankful for Brian’s leadership as CEO for the last 12 years, as his dedication to servicing our member’s exemplifies the credit union philosophy where the focus has been and will always be serving our members. Brian is very proud of his service to the community and the personal and business relationships he’s developed. Brian will work closely with the new CEO, making his/her transition into the organization a smooth and enjoyable experience.”
Jan 2017 – Attn: Credit Union Credit Card Holders
We are bringing our credit card program “in house” in February. Watch for correspondence and your new card(s) in the mail. Please activate your card upon receipt, however it will not work until Monday, February 20th at approximately 9am. Your old card will expire at 11:59am on Sunday, February 19th.
Jan 2017 – New Coin Machine Installed
We are happy to announce that a new coin machine has been installed at the Wayne Street location. This machine is designed for occasional use and is NOT for commercial use. To keep our machine in good repair, we ask members to adhere to the following guidelines:
- Coin containers must weigh 10 lbs. or less
- Maximum 2 container limit per day
- Coin must be free of debris (bolts, screws, washers, tokens or other foreign objects)
- Coin must be completely DRY