Newsletters & Communications
NEWSLETTERS:
- 2024 Spring Newsletter
- 2023 Winter Newsletter
- 2023 Spring Newsletter
- 2022 Winter Newsletter
- 2022 Summer/Fall Newsletter
- 2022 Spring Newsletter
- 2021 4th Qtr Newsletter
- 2021 Summer Newsletter
COMMUNICATIONS:
January 2024 – HIGH POINT FCU Brings Mad City Money to Salamanca Seniors
High Point Federal Credit Union staff shared their Mad City Money program with Salamanca High School with almost 90 seniors participating in this program. The Credit Union (CU) first implemented Mad City Money in 2013, presenting the program in Olean and Allegany high schools.
Originally purchased through the Credit Union National Association (CUNA), Mad City Money is a financial education tool that helps high schoolers get a taste of the “real world.” Students get to choose an “identity” at the start of the program, where they’re given an occupation, salary, spouse & children, student loan & credit card debt, and medical insurance payments. They then have to visit various stations to decide on what housing, transportation, childcare, food, and other necessities to purchase while staying within their budget.
Students learn how to calculate their credit card monthly payment, practice writing a check, experience unexpected bills – as well as unexpected financial gains, and discover how much they can actually afford with their given “identity.” While some of the students had money left over at the end to put in their savings, many had to return to certain stations to switch out their purchase for something more affordable.
When asked what the main takeaway of this program was for the students, they reiterated a better understanding of their parents’ spending habits, a realization of how expensive living in the “real world” is, and the importance of paying off debt. Being able to experience these scenarios in a controlled way provides students with a level of financial wisdom they likely wouldn’t have otherwise.
HIGH POINT FCU DONATES $7,000 TO LOCAL FOOD PANTRIES
High Point FCU has donated $7,000 to support seven local food pantries in their field of membership. As a community-focused credit union, High Point FCU is committed to making a positive impact in the lives of their neighbors. The Olean Food Pantry, Creekside Chapel, Portville Community Food Pantry, Harvest Field Outreach Center, CAC Food Pantry, YWCA of Bradford, and Hinsdale Ischua Food Pantry each received $1,000 donations.
“We believe in the power of community and the importance of lending a helping hand,” said Rich Yeager, President & CEO. “By partnering with these local food pantries, we hope to make a meaningful difference in the lives of individuals and families facing food insecurity.”
High Point FCU would like to thank the dedicated staff and volunteers at the food pantries for their tireless efforts in serving the community. Their commitment to making a difference is inspiring.
High Point FCU is the 2nd largest credit union in Western New York, with assets of over $400 million. The credit union currently serves over 20,000 members with four branch locations, 1201 Wayne Street and 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville.
High Point Federal Credit Union Installs Life-Saving AED Machines and Certifies Staff in CPR.
Recently, High Point Federal Credit Union took an important step towards safeguarding the health and well-being of their members and staff by installing life-saving AED machines in all their branch locations and operations center. A sudden cardiac arrest can happen to anyone, but with an AED on hand, the heart’s rhythm can be analyzed, and if necessary, an electric shock can be administered, which can help re-establish an effective rhythm.
To complement the installation of AED machines, over 35 High Point FCU staff members have become certified in CPR and AED in accordance with the American Heart Association (AHA) training program. “We have many people coming in and out of our branches daily. Considering most cardiac arrests happen away from hospitals, having our staff trained and these machines available will provide life-saving support in the event someone experiences a major medical emergency,” said Rich Yeager, President & CEO.
Funding for the project was received through the New York Credit Union Foundation’s IMPACT Grant, which helped cover the costs of implementation. The foundation supports credit union efforts in various areas, including technology enhancements, security upgrades, and efforts to support emerging and underrepresented markets.
Olean Area Federal Credit Union Announces New Name: High Point Federal Credit Union!
Olean Area Federal Credit Union, the second largest credit union in Western New York, has announced a name change to High Point Federal Credit Union. By changing its name, the credit union is demonstrating its ongoing commitment to growth and to its mission to provide members personal service and affordable products that meet their financial needs throughout life’s journey. The High Point brand, including a new logo, tagline, and visual identity, launched August 1st. The change in brand does not reflect a change in ownership and will remain 100 percent member owned and headquartered in Olean, NY.
A site has been found for the credit union’s first site outside Allegany County, aiming to serve the Bradford community. “We’re under contract, and we hope to close this year,” Rich Yeager, President and CEO said, with construction expected to begin in the spring.
Olean Area FCU has grown throughout its 50 years of service, beginning in 1972 as Olean Dresser Clark Federal Credit Union, serving the employees of Dresser Clark. Today, they have evolved and expanded their service to anyone who lives, works, worships, or attends school in Allegany and Cattaraugus Counties, NY, and McKean and Potter Counties, PA.
Although the name change took effect on August 1st, services for members will not change. Members will continue to access account information and their normal products and services in the same way they always have. All existing account numbers, card products, and checks will continue to work as before. Member’s will be required to update their Digital Banking App, but all credentials and navigation will stay the same. All credit and debit cards will still work as they should until new cards are reissued during the first quarter of 2024.
President and CEO, Rich Yeager stated, “Although our brand name changed, our core values and commitment to our members remain the same. In fact, it’s even stronger. Our mission continues to be to provide optimal financial services at every stage of your life, always striving for your success. We are excited for the next chapter of our journey and are grateful for our members’ and communities’ support!”
The credit union’s purpose to provide personal service and affordable products will remain the top priority throughout this transition and beyond. Members will start to see communications, updated materials, and additional operational information in the coming weeks as the name change takes effect.
Olean Area Federal Credit Union Awards Scholarships to Collegebound Seniors
Olean, NY – Olean Area Federal Credit Union has awarded $2,000 in college scholarships to four 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.
“Each year, I look forward to meeting the students and awarding them with their well-deserved scholarships.” said Richard Yeager, CEO “This year was especially exciting, as we were able to provide scholarships to students from 3 different schools in our field of membership.”
The high school seniors who received the awards were: Madison Callen of Allegany-Limestone, Fransisca Childs of Hinsdale, Ella Malogrino of Oswayo Valley, and Ellie Strade of Allegany-Limestone High School.
In addition to the Olean Area FCU Scholarship, Madison Callen, Fransisca Childs, and Ella Malogrino were also awarded scholarships through the New York Credit Union Association, receiving $750 each.
Olean Area FCU Wraps Up the School Year with 3 Mad City Money Events
May 24, 2023 – Olean, NY. This Spring, Olean Area Federal Credit Union staff shared their Mad City Money program with seniors from three area high schools: Salamanca, Cuba and Ellicottville. Each school had an average of 60 students participating. The Credit Union (CU) first implemented Mad City Money in 2013, presenting the program in Olean and Allegany high schools.
Originally purchased through the Credit Union National Association (CUNA), Mad City Money is a financial education tool that helps high schoolers get a taste of the “real world.” Students get to choose an “identity” at the start of the program, where they’re given an occupation, salary, spouse & children, student loan & credit card debt, and medical insurance payments. They then have to visit various stations to decide on what housing, transportation, childcare, food, and other necessities to purchase while staying within their budget.
Students learn how to calculate their credit card monthly payment, practice writing a check, experience unexpected bills – as well as unexpected financial gains, and discover how much they can actually afford with their given “identity.” While some of the students had money left over at the end to put in their savings, many had to return to certain stations to switch out their purchase for something more affordable.
When asked what the main takeaway of this program was for the students, they reiterated a better understanding of their parents’ spending habits, a realization of how expensive living in the “real world” is, and the importance of paying off debt. Being able to experience these scenarios in a controlled way provides students with a level of financial wisdom they likely wouldn’t have otherwise.
Olean Area FCU is eager to bring Mad City Money to high schools in their expanded field of membership, which includes all of Allegany, Cattaraugus, McKean & Potter counties. For more information and to schedule Mad City Money at your school, email Marketing@highpointfcu.com or call (716) 372-6607.
Olean Area FCU Announces Promotions & New Hire
Olean Area Federal Credit Union (FCU) recently promoted four employees to Management positions and one to a Director roll. The Credit Union has also appointed a new Director of Human Resources (HR). “The promotion of these employees was an essential next step, as both their individual responsibilities and our company as a whole continue to grow,” said Rich Yeager, President & CEO.
Kelly Fernandez was promoted to Portville Branch Manager. Kelly joined Olean Area FCU in February of 2022 with over 20 years of banking and credit union experience. Her diverse knowledge in teller, phone/member service, lending, and supervisory responsibilities provide the skillset necessary to succeed in this position.
Melissa Pawlowski has been promoted to Retail Lending Manager. She began her career with Olean Area FCU in April of 2013, as a Member Service Representative. She quickly advanced to Retail Lender and in 2020, Melissa earned the promotion to Retail Lending Supervisor. Melissa is responsible for leading the retail lending team and assisting members with their lending needs. In addition, she manages the credit union’s secondary market mortgage program, is a voting member of the Credit Union’s Directors Loan Committee, and directs the Credit Unions Second Review of Declined Loans for Fair Lending practices.
Jacob Piatko was promoted to Facilities & Security Manager. Jake began his career with the CU in 2020 as our Security Administrator. Jake is a graduate of Kent State University with a Bachelor of Business Administration, majoring in Computer Information Systems. Jake came to us with over 14 years of experience including It Technician, Infrastructure Technician, Infrastructure Administrator, Network Administrator and most recently as our IT Security Administrator. He also leads our Physical Security Committee.
Stewart Fuller has been promoted to Facilities & Physical Security Manager. Stewart began his career with the CU in 2020 with over 20 years of experience in facilities, general contracting, security, and management responsibilities. Since joining the CU as Facilities & Security Supervisor, Stewart has proven his ability to secure our buildings and improve the safety of our employees through education and training. Stewart is lead on our Physical Security Committee and is also a key member of the CU Building and Planning Committee.
Michelle Freeman has been promoted to Director of Finance. She began her career with Olean Area FCU in 2011 as an Accounting Intern. After earning her Bachelor’s in Accounting, she began her role as Accounting Assistant. In 2013, she earned her Master’s Degree in Business Administration. She quickly earned promotions to Financial Analyst, Senior Financial Analyst, Finance Supervisor, and Finance Manager.
Tamara Warner was hired as our new HR Director. Tamara is a graduate of SUNY Fredonia with a Bachelor’s in Psychology and a Master’s in HR Management from Nazareth College. She is PHR Certified and has over 17 years of HR Management experience, most recently with PEKO Precision Products in Rochester. Olean Area FCU is currently one of the largest and most respected full-service Credit Unions in Western New York with assets over 400 million. The credit union currently serves over 19,800 members with four locations, 1201 Wayne Street and 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville.
Olean Area FCU Promotes Four to Executive Roles
Olean Area Federal Credit Union (FCU) has promoted four directors to Vice President positions. “Our Credit Union is committed to continuous improvement and expansion of our products and services to best meet the expectations our members deserve. Each of these key positions is being filled by professionals with extensive experience and I am confident they will be successful in their new roles,” said Rich Yeager, President & CEO.
Tonya Doxey has been promoted to Vice President of Compliance. She began her career with the Credit Union over 30 years ago as a Teller, quickly advancing to Assistant Head Teller. She was then promoted to Assistant Loan Officer, earning the promotion to Loan Officer in 2002. In 2005, Tonya was promoted to Member Service/Lending Coordinator, a position she held until 2009 when she became the Manager of Member Services. In 2012, Tonya changed focus and became the Manager of Compliance, with a promotion to Director in 2020. Tonya is responsible to ensure the credit union’s overall compliance with applicable rules, regulations, and statutory requirements, across all departments, Bank Secrecy Act, Due Diligence, Legal Notices, Audit and Security.
Joseph Leo has been promoted to Vice President of Information Technology. (IT) Joe joined the Olean Area FCU Team in 2019 as the first Director of IT. He is a graduate of Western Governor’s University with a bachelor’s degree in business and MBA in Information Technology Management. Joe joined our team with over 20 years of IT and Managerial experience, immediately elevating the strength and integrity of the IT Department. He will continue to oversee, plan and secure IT and infrastructure to meet present and future member needs using technology in improving our processes and expanding our services.
Michael Smith was promoted to Vice President of Lending. Mike is a graduate of SUNY Buffalo with a bachelor’s degree in Business Administration. Prior to joining our team, Mike had over 8 years of banking experience which consisted of leadership development, credit analysis, and the title of Municipal Loan Officer. Mike joined Olean Area FCU in 2014 as a Senior Commercial Lender, quickly earning the promotion to Manager of Commercial Operations/Senior Commercial Lender in 2016. His hard work and dedication to commercial members earned him the promotion to Director of Lending in 2021. Mike is responsible for the management and oversight of our Retail Lending, Commercial Lending, Loan Operations, Card Services, and Asset and Recovery Departments. His primary role is to direct and oversee all aspects of lending activity for the Credit Union and to ensure effective and efficient operations, quality of member service, and compliance with existing regulations and policies.
Audra Stevens has been promoted to Vice President of Operations. Audra is a graduate of St. Bonaventure University with a bachelor’s degree in Business Administration & Marketing. She joined the Credit Union team with over 20 years of Banking Management and Senior Management experience in areas of; Marketing and Sales, Branch Management, Operations, Regional Sales, and Banking Services. She joined Olean Area FCU in 2011 as the Manager of Sales and Marketing, earning a promotion to Director of Operations in 2019. Audra oversees the operation of our branch network and Marketing Department, to ensure efficient product and service delivery to our membership.
Olean Area FCU is currently one of the largest and most respected full-service Credit Unions in Western New York with assets over 400 million. The credit union currently serves over 19,800 members with four locations, 1201 Wayne Street and 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville.
Olean Area Federal Credit Union Donates $7,000 to Food Pantries Throughout their Field of Membership
Olean, NY – With the increasing cost and continuous need for food in our communities, Olean Area FCU announced $7,000 in donations to seven food pantries within their field of membership, which includes Allegany and Cattaraugus Counties in New York, and McKean and Potter Counties in Pennsylvania.
The YWCA of Bradford, CAC Food Pantry, Cuba Cultural Center, INC., Olean Food Pantry, Creekside Chapel, Portville Community Food Pantry, and Harvest Field Outreach Center each received $1,000 donations.
“With it being our 50th year of serving our communities, we felt one of the best ways we could say ‘thank you’ is by helping our neighbors have enough food this holiday season. We also wanted to make sure we included food pantries from each of the four counties we serve,” said Rich Yeager, President & CEO.
Olean Area FCU is the 2nd largest credit union in Western New York, with assets of over $400 million. The credit union currently serves over 19,800 members with four branch locations, 1201 Wayne Street and 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville.
Olean Area FCU Awards Scholarships to Collegebound Seniors
Olean Area Federal Credit Union has awarded $2,000 in college scholarships to four 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.
“As a community-focused institution, we are always looking for opportunities to give back.” said Richard Yeager, CEO “The Scholarship Program allows us the opportunity to give back to our younger members as they embark on their college careers.”
The high school seniors who received the awards were: Christy Childs of Hinsdale, Kaylee Rhinehart of Otto-Eldred, Sara Thomas of Olean, and Alexis Trietley – also of Olean High School.
In addition to the Olean Area FCU Scholarship, Christy Childs was also awarded scholarships through the Jamestown Credit Union Chapter and the New York Credit Union Association totaling an additional $1,500.
May 2022 – Olean Area FCU announces changes to Board of Directors
At Olean Area Federal Credit Union’s Annual Meeting, the financial institution’s volunteer Board of Directors announced new board appointments as well as two retirements.
Patrick Kelly, who served as Chairman of the Board since 1992, announced that he would step down from his Chair position but remain as a member of the Board of Directors. Michele Pancio, current board Vice-Chair was elected to the new Board Chair position. Michele joined the Olean Area FCU supervisory committee in 2006 and was appointed to the board in 2013. She was elected Vice-Chair in 2021. For over 30 years Michele has been co-owner of All American Financial Service and Insurance as well as Real Estate Development.
Current Board Member, Jason Crisafulli was elected as the new Vice-Chair. Jason joined the Olean Area FCU Education Committee in 2015 and was appointed to the board in 2018. Jason was the previous President of Kinley Corporation before his retirement. He also serves as Board President for the Greater Olean Area Chamber of Commerce and is a member of the Allegany Planning Board.
Michele stated, “Serving the credit union on the Supervisory Committee and the Board these past sixteen years has been an honor. I am looking forward to my new role as Board Chair and the opportunity to help guide Olean Area FCU into the future.” President & CEO, Rich Yeager added, “Michele has been an integral member of our board since the day she joined us and I’m confident in her leadership going forward. I would like to thank Pat for over 30 years of dedication to our credit union as Chairman and am certain he will continue to be an advocate for our members and communities in his new role.”
Along with these recent appointments, the Board also announced the retirement of two long standing Board Members, Glenda Hall and Jean McInroy. Glenda joined the board in 1983 and Jean in 2002. Both have been an essential part in the development and growth of Olean Area FCU. Rich Yeager, stated, “We sincerely thank Glenda and Jean for their years of service to our organization and the communities we serve. Their commitment has helped make our Credit Union what it is today.”
March 2022 – Olean Area FCU Brings Mad City Money to Cuba-Rushford Seniors
Cuba, NY. Olean Area Federal Credit Union staff were welcomed into the Cuba-Rushford school to share their Mad City Money program with nearly 65 high school seniors. The Credit Union (CU) first implemented Mad City Money in 2013, presenting the program in Olean and Allegany high schools. With a brief hiatus due to COVID-19, the credit union employees were excited for the opportunity to bring this program back to local youth.
Originally purchased through the Credit Union National Association (CUNA), Mad City Money is a financial education tool that helps high schoolers get a taste of the “real world.” Students get to choose an “identity” at the start of the program, where they’re given an occupation, salary, spouse & children, student loan & credit card debt, and medical insurance payments. They then have to visit various stations to decide on what housing, transportation, childcare, food, and other necessities to purchase while staying within their budget.
Students learn how to calculate their credit card monthly payment, practice writing a check, experience unexpected bills – as well as unexpected financial gains, and discover how much they can actually afford with their given “identity.” While some of the students had money left over at the end to put in their savings, many had to return to certain stations to switch out their purchase for something more affordable.
When asked what the main takeaway of this program was for the students, they reiterated a better understanding of their parents’ spending habits, a realization of how expensive living in the “real world” is, and the importance of paying off debt. Being able to experience these scenarios in a controlled way provides students with a level of financial wisdom they likely wouldn’t have otherwise.
Olean Area FCU is eager to bring Mad City Money to high schools in their expanded field of membership, which includes all of Allegany, Cattaraugus, McKean & Potter counties. For more information and to schedule Mad City Money at your school, email Marketing@oleanfcu.com or call (716) 372-6607.
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December 2021 – Olean Area Federal Credit Union Donates $4,000 to Local Food Pantries for the Holidays
Olean, NY – With the giving spirit of the holidays and sense of community they hold year-round, Olean Area FCU announced a $4,000 donation to 4 local food pantries.
The Olean Food Pantry, Creekside Chapel, Loaves & Fishes, and the Portville Community Food Pantry each received $1,000 donations.
“As a credit union, giving back to our local food banks is one of the best ways we could think of to fulfill the credit union philosophy of, ‘people helping people’ this holiday season. We recognize the growing need for this vital service in our community and want to make sure it continues to be available to our friends and neighbors,” said Rich Yeager, President & CEO.
October 2021 – Olean Area FCU ranked among top Commercial Lenders.
Olean Area Federal Credit Union (FCU) was recently ranked among the top 20 largest Buffalo Commercial Lenders by Buffalo Business First. With four branch offices, an expanded Field of Membership, and a $47.41 million Commercial Loan Portfolio, Olean Area FCU earned its seat among 19 other reputable financial institutions in Western New York.
“It’s exciting to see our credit union on this list,” said Olean Area FCU’s Director of Commercial Lending, Mike Smith. “I sincerely believe this achievement can be attributed to our focus on excellent service and providing the best possible products to our members,”
Olean Area FCU offers a variety of commercial products to meet businesses everyday needs. Their deposit products include business checking, savings, certificates, and merchant services. Their commercial lending programs give local business owners peace of mind knowing that their commercial team is comprised of local lenders making local decisions. Lending services include term loans, lines of credit, commercial mortgages, credit cards, as well as offering loan programs through the Small Business Administration (SBA).
Over the past year, while many business owners navigated their way through the pandemic, the Credit Union assisted over 250 local organizations with over $21 million in funding through the Paycheck Protection Program (PPP).
As Olean Area FCU approaches their 50th anniversary in 2022, CEO Richard Yeager recently commented on their growth and dedication to service, “To be included as one of the top commercial lenders in our area reflects our commitment to the communities we serve. We strive to give our commercial members flexible rates and terms to assist in their growth, and in turn, the growth of our local economies.”
Olean Area FCU is the second largest credit union in Western New York, with assets of $388 million. It currently serves over 19,000 members with four locations: 1201 Wayne Street & 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville, NY. In addition, Olean Area FCU recently opened an Operations Center at 234 Homer Street in Olean.
June 2021- Olean Area FCU Awards Scholarships to local seniors.
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.
“Our Scholarship Program directly supports youth within the communities we serve and gives students the opportunity to further their education.” said Richard Yeager, CEO “It strongly supports the ‘people helping people’ philosophy of the credit union movement.”
The high school seniors who received the awards were: Caroline DeRose, Nathan-Michael Gabler, and Marina Heister, all students at Olean High School.
In addition to the Olean Area FCU Scholarship, Caroline DeRose was also awarded scholarships through the Jamestown Credit Union Chapter and the New York Credit Union Association totaling an additional $2,000.
February 2021- Updates From the Board
Ron Inzana has retired as Vice President of our Board of Directors after 48 years of committed service and dedication to Olean Area FCU and our members. Rich Yeager, CEO stated, “Ron’s retirement is well deserved, but he will be missed. Ron’s top priority was always to the Credit Union members and how each decision affected them. He was a true Credit Union Ambassador.”
Michele Pancio (left) is our new Vice President of the Board. She joined the Olean Area FCU supervisory committee in 2006, and appointed to the board in 2013. Michele has been coowner for 30 years of All American Financial Service and Insurance as well as Real Estate Development. She is also part of the Progressive Insurance Agency Technology Council.
Robert Olander (right) has been elected to the Board of Directors. He joined Olean Area FCU’s supervisory committee in 2006, becoming the Supervisory Board Chair in 2017. Robert retired from Allegany Co-Op Insurance and had previously worked for Crawford and Company for over 25 years.
December 2020 – Credit Union Seeks Volunteers to Expand Board Committees.
As our Credit Union continues to grow, we are actively searching for volunteers to help with 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 in Portville and planning an Operation’s Center to accommodate a need for more space.
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 one member to the Supervisory Committee and an undetermined number to the Volunteer Education Committee.
Becoming a Board Member
The membership elects the Board of Directors with a three-year term. Three Board Members are elected each year. The Board of Directors appoint Members of the Supervisory Committee and Volunteer Education Committee. 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 or Volunteer Education Committee, you must be a member of the Credit Union. If there are no issues with obligations to the Credit Union, an application can be completed. Interviews are then conducted with the Board. The obligation of confidentiality must be understood by all members of the Board, Supervisory or Education Committees. Confidentiality must be adhered to with absolutely no violation of trust.
The Volunteer Education Committee works primarily with the Supervisory Committee, and may 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. However, they have an opportunity to provide input to the discussion and to learn the inter-workings of the Credit Union.
An application for volunteering is available below. Please email a completed application to careers@oleanfcu.com or drop off at any of our branch locations.
Volunteer Committee Application
November 2020 – Olean Area FCU Appoints Richard Yeager as Chief Executive Officer.
Richard Yeager, CEO
Olean Area Federal Credit Union is pleased to announce the appointment of Richard Yeager as the company’s Chief Executive Officer. 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. This included 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 to mark the start of construction for the new Portville branch located at 160 S. Main Street. The full-service branch is slated to open in early 2021. It 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. 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.”
Expanded Field of Membership
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.
Creekside Chapel Food Pantry, Loaves and Fishes, and the Olean Food Pantry each received a monetary donation of $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.
Emmy Li and Madison Smith also received 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. It is slated to open in the 1st quarter of 2021. Olean Area FCU confirmed that the new branch 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 will 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.
The students are members of the Credit Union, and 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. It was 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.”
The assigned merger date is June 11, 2018, with an informational mailing going out to members in March. 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.
COMMUNICATIONS:
January 2024 – HIGH POINT FCU Brings Mad City Money to Salamanca Seniors
High Point Federal Credit Union staff shared their Mad City Money program with Salamanca High School with almost 90 seniors participating in this program. The Credit Union (CU) first implemented Mad City Money in 2013, presenting the program in Olean and Allegany high schools.
Originally purchased through the Credit Union National Association (CUNA), Mad City Money is a financial education tool that helps high schoolers get a taste of the “real world.” Students get to choose an “identity” at the start of the program, where they’re given an occupation, salary, spouse & children, student loan & credit card debt, and medical insurance payments. They then have to visit various stations to decide on what housing, transportation, childcare, food, and other necessities to purchase while staying within their budget.
Students learn how to calculate their credit card monthly payment, practice writing a check, experience unexpected bills – as well as unexpected financial gains, and discover how much they can actually afford with their given “identity.” While some of the students had money left over at the end to put in their savings, many had to return to certain stations to switch out their purchase for something more affordable.
When asked what the main takeaway of this program was for the students, they reiterated a better understanding of their parents’ spending habits, a realization of how expensive living in the “real world” is, and the importance of paying off debt. Being able to experience these scenarios in a controlled way provides students with a level of financial wisdom they likely wouldn’t have otherwise.
HIGH POINT FCU DONATES $7,000 TO LOCAL FOOD PANTRIES
High Point FCU has donated $7,000 to support seven local food pantries in their field of membership. As a community-focused credit union, High Point FCU is committed to making a positive impact in the lives of their neighbors. The Olean Food Pantry, Creekside Chapel, Portville Community Food Pantry, Harvest Field Outreach Center, CAC Food Pantry, YWCA of Bradford, and Hinsdale Ischua Food Pantry each received $1,000 donations.
“We believe in the power of community and the importance of lending a helping hand,” said Rich Yeager, President & CEO. “By partnering with these local food pantries, we hope to make a meaningful difference in the lives of individuals and families facing food insecurity.”
High Point FCU would like to thank the dedicated staff and volunteers at the food pantries for their tireless efforts in serving the community. Their commitment to making a difference is inspiring.
High Point FCU is the 2nd largest credit union in Western New York, with assets of over $400 million. The credit union currently serves over 20,000 members with four branch locations, 1201 Wayne Street and 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville.
High Point Federal Credit Union Installs Life-Saving AED Machines and Certifies Staff in CPR.
Recently, High Point Federal Credit Union took an important step towards safeguarding the health and well-being of their members and staff by installing life-saving AED machines in all their branch locations and operations center. A sudden cardiac arrest can happen to anyone, but with an AED on hand, the heart’s rhythm can be analyzed, and if necessary, an electric shock can be administered, which can help re-establish an effective rhythm.
To complement the installation of AED machines, over 35 High Point FCU staff members have become certified in CPR and AED in accordance with the American Heart Association (AHA) training program. “We have many people coming in and out of our branches daily. Considering most cardiac arrests happen away from hospitals, having our staff trained and these machines available will provide life-saving support in the event someone experiences a major medical emergency,” said Rich Yeager, President & CEO.
Funding for the project was received through the New York Credit Union Foundation’s IMPACT Grant, which helped cover the costs of implementation. The foundation supports credit union efforts in various areas, including technology enhancements, security upgrades, and efforts to support emerging and underrepresented markets.
Olean Area Federal Credit Union Announces New Name: High Point Federal Credit Union!
Olean Area Federal Credit Union, the second largest credit union in Western New York, has announced a name change to High Point Federal Credit Union. By changing its name, the credit union is demonstrating its ongoing commitment to growth and to its mission to provide members personal service and affordable products that meet their financial needs throughout life’s journey. The High Point brand, including a new logo, tagline, and visual identity, launched August 1st. The change in brand does not reflect a change in ownership and will remain 100 percent member owned and headquartered in Olean, NY.
A site has been found for the credit union’s first site outside Allegany County, aiming to serve the Bradford community. “We’re under contract, and we hope to close this year,” Rich Yeager, President and CEO said, with construction expected to begin in the spring.
Olean Area FCU has grown throughout its 50 years of service, beginning in 1972 as Olean Dresser Clark Federal Credit Union, serving the employees of Dresser Clark. Today, they have evolved and expanded their service to anyone who lives, works, worships, or attends school in Allegany and Cattaraugus Counties, NY, and McKean and Potter Counties, PA.
Although the name change took effect on August 1st, services for members will not change. Members will continue to access account information and their normal products and services in the same way they always have. All existing account numbers, card products, and checks will continue to work as before. Member’s will be required to update their Digital Banking App, but all credentials and navigation will stay the same. All credit and debit cards will still work as they should until new cards are reissued during the first quarter of 2024.
President and CEO, Rich Yeager stated, “Although our brand name changed, our core values and commitment to our members remain the same. In fact, it’s even stronger. Our mission continues to be to provide optimal financial services at every stage of your life, always striving for your success. We are excited for the next chapter of our journey and are grateful for our members’ and communities’ support!”
The credit union’s purpose to provide personal service and affordable products will remain the top priority throughout this transition and beyond. Members will start to see communications, updated materials, and additional operational information in the coming weeks as the name change takes effect.
Olean Area Federal Credit Union Awards Scholarships to Collegebound Seniors
Olean, NY – Olean Area Federal Credit Union has awarded $2,000 in college scholarships to four 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.
“Each year, I look forward to meeting the students and awarding them with their well-deserved scholarships.” said Richard Yeager, CEO “This year was especially exciting, as we were able to provide scholarships to students from 3 different schools in our field of membership.”
The high school seniors who received the awards were: Madison Callen of Allegany-Limestone, Fransisca Childs of Hinsdale, Ella Malogrino of Oswayo Valley, and Ellie Strade of Allegany-Limestone High School.
In addition to the Olean Area FCU Scholarship, Madison Callen, Fransisca Childs, and Ella Malogrino were also awarded scholarships through the New York Credit Union Association, receiving $750 each.
Olean Area FCU Wraps Up the School Year with 3 Mad City Money Events
May 24, 2023 – Olean, NY. This Spring, Olean Area Federal Credit Union staff shared their Mad City Money program with seniors from three area high schools: Salamanca, Cuba and Ellicottville. Each school had an average of 60 students participating. The Credit Union (CU) first implemented Mad City Money in 2013, presenting the program in Olean and Allegany high schools.
Originally purchased through the Credit Union National Association (CUNA), Mad City Money is a financial education tool that helps high schoolers get a taste of the “real world.” Students get to choose an “identity” at the start of the program, where they’re given an occupation, salary, spouse & children, student loan & credit card debt, and medical insurance payments. They then have to visit various stations to decide on what housing, transportation, childcare, food, and other necessities to purchase while staying within their budget.
Students learn how to calculate their credit card monthly payment, practice writing a check, experience unexpected bills – as well as unexpected financial gains, and discover how much they can actually afford with their given “identity.” While some of the students had money left over at the end to put in their savings, many had to return to certain stations to switch out their purchase for something more affordable.
When asked what the main takeaway of this program was for the students, they reiterated a better understanding of their parents’ spending habits, a realization of how expensive living in the “real world” is, and the importance of paying off debt. Being able to experience these scenarios in a controlled way provides students with a level of financial wisdom they likely wouldn’t have otherwise.
Olean Area FCU is eager to bring Mad City Money to high schools in their expanded field of membership, which includes all of Allegany, Cattaraugus, McKean & Potter counties. For more information and to schedule Mad City Money at your school, email Marketing@highpointfcu.com or call (716) 372-6607.
Olean Area FCU Announces Promotions & New Hire
Olean Area Federal Credit Union (FCU) recently promoted four employees to Management positions and one to a Director roll. The Credit Union has also appointed a new Director of Human Resources (HR). “The promotion of these employees was an essential next step, as both their individual responsibilities and our company as a whole continue to grow,” said Rich Yeager, President & CEO.
Kelly Fernandez was promoted to Portville Branch Manager. Kelly joined Olean Area FCU in February of 2022 with over 20 years of banking and credit union experience. Her diverse knowledge in teller, phone/member service, lending, and supervisory responsibilities provide the skillset necessary to succeed in this position.
Melissa Pawlowski has been promoted to Retail Lending Manager. She began her career with Olean Area FCU in April of 2013, as a Member Service Representative. She quickly advanced to Retail Lender and in 2020, Melissa earned the promotion to Retail Lending Supervisor. Melissa is responsible for leading the retail lending team and assisting members with their lending needs. In addition, she manages the credit union’s secondary market mortgage program, is a voting member of the Credit Union’s Directors Loan Committee, and directs the Credit Unions Second Review of Declined Loans for Fair Lending practices.
Jacob Piatko was promoted to Facilities & Security Manager. Jake began his career with the CU in 2020 as our Security Administrator. Jake is a graduate of Kent State University with a Bachelor of Business Administration, majoring in Computer Information Systems. Jake came to us with over 14 years of experience including It Technician, Infrastructure Technician, Infrastructure Administrator, Network Administrator and most recently as our IT Security Administrator. He also leads our Physical Security Committee.
Stewart Fuller has been promoted to Facilities & Physical Security Manager. Stewart began his career with the CU in 2020 with over 20 years of experience in facilities, general contracting, security, and management responsibilities. Since joining the CU as Facilities & Security Supervisor, Stewart has proven his ability to secure our buildings and improve the safety of our employees through education and training. Stewart is lead on our Physical Security Committee and is also a key member of the CU Building and Planning Committee.
Michelle Freeman has been promoted to Director of Finance. She began her career with Olean Area FCU in 2011 as an Accounting Intern. After earning her Bachelor’s in Accounting, she began her role as Accounting Assistant. In 2013, she earned her Master’s Degree in Business Administration. She quickly earned promotions to Financial Analyst, Senior Financial Analyst, Finance Supervisor, and Finance Manager.
Tamara Warner was hired as our new HR Director. Tamara is a graduate of SUNY Fredonia with a Bachelor’s in Psychology and a Master’s in HR Management from Nazareth College. She is PHR Certified and has over 17 years of HR Management experience, most recently with PEKO Precision Products in Rochester. Olean Area FCU is currently one of the largest and most respected full-service Credit Unions in Western New York with assets over 400 million. The credit union currently serves over 19,800 members with four locations, 1201 Wayne Street and 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville.
Olean Area FCU Promotes Four to Executive Roles
Olean Area Federal Credit Union (FCU) has promoted four directors to Vice President positions. “Our Credit Union is committed to continuous improvement and expansion of our products and services to best meet the expectations our members deserve. Each of these key positions is being filled by professionals with extensive experience and I am confident they will be successful in their new roles,” said Rich Yeager, President & CEO.
Tonya Doxey has been promoted to Vice President of Compliance. She began her career with the Credit Union over 30 years ago as a Teller, quickly advancing to Assistant Head Teller. She was then promoted to Assistant Loan Officer, earning the promotion to Loan Officer in 2002. In 2005, Tonya was promoted to Member Service/Lending Coordinator, a position she held until 2009 when she became the Manager of Member Services. In 2012, Tonya changed focus and became the Manager of Compliance, with a promotion to Director in 2020. Tonya is responsible to ensure the credit union’s overall compliance with applicable rules, regulations, and statutory requirements, across all departments, Bank Secrecy Act, Due Diligence, Legal Notices, Audit and Security.
Joseph Leo has been promoted to Vice President of Information Technology. (IT) Joe joined the Olean Area FCU Team in 2019 as the first Director of IT. He is a graduate of Western Governor’s University with a bachelor’s degree in business and MBA in Information Technology Management. Joe joined our team with over 20 years of IT and Managerial experience, immediately elevating the strength and integrity of the IT Department. He will continue to oversee, plan and secure IT and infrastructure to meet present and future member needs using technology in improving our processes and expanding our services.
Michael Smith was promoted to Vice President of Lending. Mike is a graduate of SUNY Buffalo with a bachelor’s degree in Business Administration. Prior to joining our team, Mike had over 8 years of banking experience which consisted of leadership development, credit analysis, and the title of Municipal Loan Officer. Mike joined Olean Area FCU in 2014 as a Senior Commercial Lender, quickly earning the promotion to Manager of Commercial Operations/Senior Commercial Lender in 2016. His hard work and dedication to commercial members earned him the promotion to Director of Lending in 2021. Mike is responsible for the management and oversight of our Retail Lending, Commercial Lending, Loan Operations, Card Services, and Asset and Recovery Departments. His primary role is to direct and oversee all aspects of lending activity for the Credit Union and to ensure effective and efficient operations, quality of member service, and compliance with existing regulations and policies.
Audra Stevens has been promoted to Vice President of Operations. Audra is a graduate of St. Bonaventure University with a bachelor’s degree in Business Administration & Marketing. She joined the Credit Union team with over 20 years of Banking Management and Senior Management experience in areas of; Marketing and Sales, Branch Management, Operations, Regional Sales, and Banking Services. She joined Olean Area FCU in 2011 as the Manager of Sales and Marketing, earning a promotion to Director of Operations in 2019. Audra oversees the operation of our branch network and Marketing Department, to ensure efficient product and service delivery to our membership.
Olean Area FCU is currently one of the largest and most respected full-service Credit Unions in Western New York with assets over 400 million. The credit union currently serves over 19,800 members with four locations, 1201 Wayne Street and 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville.
Olean Area Federal Credit Union Donates $7,000 to Food Pantries Throughout their Field of Membership
Olean, NY – With the increasing cost and continuous need for food in our communities, Olean Area FCU announced $7,000 in donations to seven food pantries within their field of membership, which includes Allegany and Cattaraugus Counties in New York, and McKean and Potter Counties in Pennsylvania.
The YWCA of Bradford, CAC Food Pantry, Cuba Cultural Center, INC., Olean Food Pantry, Creekside Chapel, Portville Community Food Pantry, and Harvest Field Outreach Center each received $1,000 donations.
“With it being our 50th year of serving our communities, we felt one of the best ways we could say ‘thank you’ is by helping our neighbors have enough food this holiday season. We also wanted to make sure we included food pantries from each of the four counties we serve,” said Rich Yeager, President & CEO.
Olean Area FCU is the 2nd largest credit union in Western New York, with assets of over $400 million. The credit union currently serves over 19,800 members with four branch locations, 1201 Wayne Street and 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville.
Olean Area FCU Awards Scholarships to Collegebound Seniors
Olean Area Federal Credit Union has awarded $2,000 in college scholarships to four 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.
“As a community-focused institution, we are always looking for opportunities to give back.” said Richard Yeager, CEO “The Scholarship Program allows us the opportunity to give back to our younger members as they embark on their college careers.”
The high school seniors who received the awards were: Christy Childs of Hinsdale, Kaylee Rhinehart of Otto-Eldred, Sara Thomas of Olean, and Alexis Trietley – also of Olean High School.
In addition to the Olean Area FCU Scholarship, Christy Childs was also awarded scholarships through the Jamestown Credit Union Chapter and the New York Credit Union Association totaling an additional $1,500.
May 2022 – Olean Area FCU announces changes to Board of Directors
At Olean Area Federal Credit Union’s Annual Meeting, the financial institution’s volunteer Board of Directors announced new board appointments as well as two retirements.
Patrick Kelly, who served as Chairman of the Board since 1992, announced that he would step down from his Chair position but remain as a member of the Board of Directors. Michele Pancio, current board Vice-Chair was elected to the new Board Chair position. Michele joined the Olean Area FCU supervisory committee in 2006 and was appointed to the board in 2013. She was elected Vice-Chair in 2021. For over 30 years Michele has been co-owner of All American Financial Service and Insurance as well as Real Estate Development.
Current Board Member, Jason Crisafulli was elected as the new Vice-Chair. Jason joined the Olean Area FCU Education Committee in 2015 and was appointed to the board in 2018. Jason was the previous President of Kinley Corporation before his retirement. He also serves as Board President for the Greater Olean Area Chamber of Commerce and is a member of the Allegany Planning Board.
Michele stated, “Serving the credit union on the Supervisory Committee and the Board these past sixteen years has been an honor. I am looking forward to my new role as Board Chair and the opportunity to help guide Olean Area FCU into the future.” President & CEO, Rich Yeager added, “Michele has been an integral member of our board since the day she joined us and I’m confident in her leadership going forward. I would like to thank Pat for over 30 years of dedication to our credit union as Chairman and am certain he will continue to be an advocate for our members and communities in his new role.”
Along with these recent appointments, the Board also announced the retirement of two long standing Board Members, Glenda Hall and Jean McInroy. Glenda joined the board in 1983 and Jean in 2002. Both have been an essential part in the development and growth of Olean Area FCU. Rich Yeager, stated, “We sincerely thank Glenda and Jean for their years of service to our organization and the communities we serve. Their commitment has helped make our Credit Union what it is today.”
March 2022 – Olean Area FCU Brings Mad City Money to Cuba-Rushford Seniors
Cuba, NY. Olean Area Federal Credit Union staff were welcomed into the Cuba-Rushford school to share their Mad City Money program with nearly 65 high school seniors. The Credit Union (CU) first implemented Mad City Money in 2013, presenting the program in Olean and Allegany high schools. With a brief hiatus due to COVID-19, the credit union employees were excited for the opportunity to bring this program back to local youth.
Originally purchased through the Credit Union National Association (CUNA), Mad City Money is a financial education tool that helps high schoolers get a taste of the “real world.” Students get to choose an “identity” at the start of the program, where they’re given an occupation, salary, spouse & children, student loan & credit card debt, and medical insurance payments. They then have to visit various stations to decide on what housing, transportation, childcare, food, and other necessities to purchase while staying within their budget.
Students learn how to calculate their credit card monthly payment, practice writing a check, experience unexpected bills – as well as unexpected financial gains, and discover how much they can actually afford with their given “identity.” While some of the students had money left over at the end to put in their savings, many had to return to certain stations to switch out their purchase for something more affordable.
When asked what the main takeaway of this program was for the students, they reiterated a better understanding of their parents’ spending habits, a realization of how expensive living in the “real world” is, and the importance of paying off debt. Being able to experience these scenarios in a controlled way provides students with a level of financial wisdom they likely wouldn’t have otherwise.
Olean Area FCU is eager to bring Mad City Money to high schools in their expanded field of membership, which includes all of Allegany, Cattaraugus, McKean & Potter counties. For more information and to schedule Mad City Money at your school, email Marketing@oleanfcu.com or call (716) 372-6607.
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December 2021 – Olean Area Federal Credit Union Donates $4,000 to Local Food Pantries for the Holidays
Olean, NY – With the giving spirit of the holidays and sense of community they hold year-round, Olean Area FCU announced a $4,000 donation to 4 local food pantries.
The Olean Food Pantry, Creekside Chapel, Loaves & Fishes, and the Portville Community Food Pantry each received $1,000 donations.
“As a credit union, giving back to our local food banks is one of the best ways we could think of to fulfill the credit union philosophy of, ‘people helping people’ this holiday season. We recognize the growing need for this vital service in our community and want to make sure it continues to be available to our friends and neighbors,” said Rich Yeager, President & CEO.
October 2021 – Olean Area FCU ranked among top Commercial Lenders.
Olean Area Federal Credit Union (FCU) was recently ranked among the top 20 largest Buffalo Commercial Lenders by Buffalo Business First. With four branch offices, an expanded Field of Membership, and a $47.41 million Commercial Loan Portfolio, Olean Area FCU earned its seat among 19 other reputable financial institutions in Western New York.
“It’s exciting to see our credit union on this list,” said Olean Area FCU’s Director of Commercial Lending, Mike Smith. “I sincerely believe this achievement can be attributed to our focus on excellent service and providing the best possible products to our members,”
Olean Area FCU offers a variety of commercial products to meet businesses everyday needs. Their deposit products include business checking, savings, certificates, and merchant services. Their commercial lending programs give local business owners peace of mind knowing that their commercial team is comprised of local lenders making local decisions. Lending services include term loans, lines of credit, commercial mortgages, credit cards, as well as offering loan programs through the Small Business Administration (SBA).
Over the past year, while many business owners navigated their way through the pandemic, the Credit Union assisted over 250 local organizations with over $21 million in funding through the Paycheck Protection Program (PPP).
As Olean Area FCU approaches their 50th anniversary in 2022, CEO Richard Yeager recently commented on their growth and dedication to service, “To be included as one of the top commercial lenders in our area reflects our commitment to the communities we serve. We strive to give our commercial members flexible rates and terms to assist in their growth, and in turn, the growth of our local economies.”
Olean Area FCU is the second largest credit union in Western New York, with assets of $388 million. It currently serves over 19,000 members with four locations: 1201 Wayne Street & 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville, NY. In addition, Olean Area FCU recently opened an Operations Center at 234 Homer Street in Olean.
June 2021- Olean Area FCU Awards Scholarships to local seniors.
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.
“Our Scholarship Program directly supports youth within the communities we serve and gives students the opportunity to further their education.” said Richard Yeager, CEO “It strongly supports the ‘people helping people’ philosophy of the credit union movement.”
The high school seniors who received the awards were: Caroline DeRose, Nathan-Michael Gabler, and Marina Heister, all students at Olean High School.
In addition to the Olean Area FCU Scholarship, Caroline DeRose was also awarded scholarships through the Jamestown Credit Union Chapter and the New York Credit Union Association totaling an additional $2,000.
February 2021- Updates From the Board
Ron Inzana has retired as Vice President of our Board of Directors after 48 years of committed service and dedication to Olean Area FCU and our members. Rich Yeager, CEO stated, “Ron’s retirement is well deserved, but he will be missed. Ron’s top priority was always to the Credit Union members and how each decision affected them. He was a true Credit Union Ambassador.”
Michele Pancio (left) is our new Vice President of the Board. She joined the Olean Area FCU supervisory committee in 2006, and appointed to the board in 2013. Michele has been coowner for 30 years of All American Financial Service and Insurance as well as Real Estate Development. She is also part of the Progressive Insurance Agency Technology Council.
Robert Olander (right) has been elected to the Board of Directors. He joined Olean Area FCU’s supervisory committee in 2006, becoming the Supervisory Board Chair in 2017. Robert retired from Allegany Co-Op Insurance and had previously worked for Crawford and Company for over 25 years.
December 2020 – Credit Union Seeks Volunteers to Expand Board Committees.
As our Credit Union continues to grow, we are actively searching for volunteers to help with 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 in Portville and planning an Operation’s Center to accommodate a need for more space.
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 one member to the Supervisory Committee and an undetermined number to the Volunteer Education Committee.
Becoming a Board Member
The membership elects the Board of Directors with a three-year term. Three Board Members are elected each year. The Board of Directors appoint Members of the Supervisory Committee and Volunteer Education Committee. 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 or Volunteer Education Committee, you must be a member of the Credit Union. If there are no issues with obligations to the Credit Union, an application can be completed. Interviews are then conducted with the Board. The obligation of confidentiality must be understood by all members of the Board, Supervisory or Education Committees. Confidentiality must be adhered to with absolutely no violation of trust.
The Volunteer Education Committee works primarily with the Supervisory Committee, and may 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. However, they have an opportunity to provide input to the discussion and to learn the inter-workings of the Credit Union.
An application for volunteering is available below. Please email a completed application to careers@oleanfcu.com or drop off at any of our branch locations.
Volunteer Committee Application
November 2020 – Olean Area FCU Appoints Richard Yeager as Chief Executive Officer.
Richard Yeager, CEO
Olean Area Federal Credit Union is pleased to announce the appointment of Richard Yeager as the company’s Chief Executive Officer. 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. This included 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 to mark the start of construction for the new Portville branch located at 160 S. Main Street. The full-service branch is slated to open in early 2021. It 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. 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.”
Expanded Field of Membership
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.
Creekside Chapel Food Pantry, Loaves and Fishes, and the Olean Food Pantry each received a monetary donation of $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.
Emmy Li and Madison Smith also received 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. It is slated to open in the 1st quarter of 2021. Olean Area FCU confirmed that the new branch 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 will 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.
The students are members of the Credit Union, and 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. It was 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.”
The assigned merger date is June 11, 2018, with an informational mailing going out to members in March. 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.