News Summary
Alco Federal Credit Union has been recognized as the tenth fastest growing credit union in Western New York, with significant increases in both membership and total deposits. Under CEO Michael Miller’s leadership, Alco has fostered a friendly banking environment and expanded its services to neighboring counties. With a commitment to inclusivity and exceptional member service, Alco invites potential members to explore its offerings and experience its community-focused banking solutions.
Alco Federal Credit Union Ranks Among Top Growing Credit Unions in Western New York
In a delightful turn of events for members and potential customers alike, the charming Alco Federal Credit Union has snagged the impressive title of the tenth fastest growing credit union in Western New York. Touted by the Buffalo Business First Journal, this recognition is a testament to Alco’s remarkable performance and commitment to its members.
Rapid Growth in Membership
Leading the charge is CEO Michael Miller, whose forward-thinking vision has helped Alco grow its membership significantly. It’s not just about numbers; the credit union’s atmosphere is friendly and welcoming, making it a great choice for banking. In the year-end figures of 2024, Alco successfully closed with robust numbers — boasting $32.5 million in outstanding loans. This reflects an astounding growth of over 8% year-over-year, making it one of the credit union success stories in the region.
Total Deposits on the Rise
Financial health seems to be the name of the game at Alco, where total deposits in 2024 reached $48.26 million. This shows a climb of $3.62 million from the previous year! It’s no wonder that so many are turning to Alco for their banking needs, especially when they offer lower loan rates and higher deposit yields. For many, this is an appealing alternative to traditional banks.
Expanding Horizons
In a bid to spread their wings, Alco Federal Credit Union has been actively reaching out to neighboring counties, including parts of Pennsylvania, which has helped attract even more new members. This growth is all about creating a network of financial services that caters to more people, and it seems to be working like a charm!
Culture of Cooperation
One of the interesting concepts that sets credit unions apart from other financial entities is the notion of “coopetition.” It’s a blend of competition and cooperation aimed at providing better financial solutions for members. In true cooperative spirit, Alco Federal Credit Union thrives on this principle to enhance the overall financial experience.
A Dedicated Team
Behind every successful organization, there’s a dedicated team of staff members who put their heart and soul into their work. Alco’s staff is no exception. Their unwavering commitment to delivering exceptional member service has played a crucial role in this impressive recognition of growth. It’s evident that when folks walk into one of the four Alco locations — in Wellsville, Belmont, Friendship, and Cuba — they’re met with friendly faces and a willingness to help.
Inclusivity at Its Core
Alco Federal Credit Union takes pride in offering services to all members, without discrimination based on income or credit scores. Their Board of Directors has also been instrumental in crafting policies that ensure everyone has access to the financial help they need. This kind of inclusive approach is refreshing in today’s financial landscape.
Explore Membership Opportunities
With so much going for them, Alco Federal Credit Union invites anyone interested to come and learn more about what they offer. Whether you’re pondering membership or looking to open an account, their doors are wide open. You can also visit their website, AlcoFcu.com, for information on low-cost loans and higher deposit rates. The community spirit within Alco makes it not just a credit union, but a friendly financial partner.
Deeper Dive: News & Info About This Topic
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Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
