Sue Jones introduced our own John Felton, CEO of Southern Chautauqua Federal Credit Union (SCFCU). The SCFCU had its beginnings in his parent’s family room and has become a five location (soon to be six) location Credit Union serving our area. Its mission is to serve working families (also known as (ALICE families- Asset Limited, Income Constrained, Employed) with a current membership of 21,500 and is ranked in the top 5 credit unions in Western New York, with $165 million in assets.
John gave an excellent slide show explaining credit unions vs banks and the role that SCFCU plays in our community. Some examples of how SCFCU is different are: it’s a not for profit; it enjoys capital reserves doubles the regulatory expectation; it donates $100,000 annually to other non-profits; it believes in the power of relationships; it does not focus on previous defeats but celebrates victories. SCFCU believes in “empathy, understanding, helping others.” Its priority is people rather than businesses.
SCFCU is a community-chartered credit union since 2004. It has six branches with 82 staff and four additional High School based branches. It is a NCUA low-income designated credit union. SCFCU works with and hires many of our communities’ “ALICE” people/families. Seventy percent of SCFCU’s customers are high quality, 30% are low Income.
The SCFCU has a program designed to assist teens save and incentivizes them by incremental 10% interest and credit cards (with limitations). Unique school logos on credit cards are available.
SCFCU has purchased 8ll North Main Street (the old Rite Aid Building). They anticipate investing approximately $3 million into this project with an expected opening in fall of 2026. The new location will operate as a full-service branch and will also house about 20 back office employees. The facility will include a community room with the capacity for meetings with up to 30 people. This facility will also feature a secure garage for storing repossessed cars which is yet another function (and story) of learning responsible and personal financial management.
John gave an excellent presentation of which only some of the facts are listed here. I would encourage you to listen to the entire presentation on our website.
