Sunmark Credit Union Plans Conversion from Federal to State Charter

Sunmark Federal Credit Union applied to federal and state regulators to convert from a federal to a state-chartered credit union. Federal regulators approved the conversion, and completion of the application process between Sunmark and the New York Department of Financial Services is complete. Additionally, a vote of the Sunmark membership was held for charter approval.

Sunmark is currently regulated by the National Credit Union Administration (NCUA). A state charter means Sunmark will be regulated by the New York State Department of Financial Services, which also regulates other financial institutions in New York. Sunmark will remain a federally insured credit union with official conversion taking place on Wednesday, January 1, 2020.

With the current charter, to bank with Sunmark, a person would need to live, work, worship, attend school, volunteer, or regularly conduct business in Schenectady, Albany, Rensselaer, Saratoga, Montgomery and Schoharie Counties. With a new State-charter, Sunmark will have the opportunity to expand to Columbia, Greene, Onondaga, Putnam, Rockland and Westchester Counties. Sunmark will also be able to serve persons that belong to a business or association that has signed up with Sunmark to make membership available to its employees or association members outside of New York State.  

Sunmark CEO Frank DeGraw said “We are excited about making the change from a federal to a state-chartered credit union. Being a state-chartered credit union will enable Sunmark to reach more consumers looking to get better loan and deposit rates and have access to free financial products and services.  This change will enable Sunmark to expand and serve people who work and live in financially underserved communities.”