Not strictly for civil servants, State Employees Federal Credit Union (SEFCU) serves some 250,000 members through more than 40 branches in New York's Capital District region, as well as in Binghamton, Buffalo, and Syracuse. It also has about 10 dedicated insurance agency and mortgage lending offices. The credit union offers standard retail products and services such as checking accounts, savings accounts, credit cards, residential mortgages, small business loans, and personal loans, as well as insurance and investment services. SEFCU was founded as the New York State Albany Employees Federal Credit Union in 1934.
New York State employees and retirees, employees and volunteers of approximately 800 participating groups, and residents of about 30 New York communities are all eligible to join the member-owned institution.
SEFCU reported higher revenues and net income for 2011 compared to the previous year. Revenues were up about 8% (approximately $120 million to $130 million), while earnings increased nearly 10% (almost $11.2 million to $12.2 million). As the credit union added new members, it gathered more interest on loans and fees from non-interest sources such as sales of insurance and investments. SEFCU is also growing by opening new branches. – less