SFCU Soon To Occupy Former Community Bank Building

By TERESA WINCHESTER
MORRIS

The Village of Morris and the Butternut Valley have reason to celebrate.

The 195-year-old building at 132 Main Street will once more serve the community as a functioning bank. Sidney Federal Credit Union, which has already begun operating in Morris on a limited basis to fill the void left by Community Bank’s January 2024 pull-out, has sealed the deal, working through Jami Brown of Keller Williams Realty.

In a March 20 Facebook post, Brown announced, “Working as a buyer’s agent, I’m proud to have helped bring back a financial institution to the community of Morris.”

The effort to procure alternative banking services was led by Butternut Valley Alliance and its “Save Our Bank” task force, formed on the heels of Community Bank’s withdrawal. Members of the task force included co-chairs Ed Lentz and Maggie Brenner, as well as other BVA members Tom Washbon, Jason Cianciotto and Bob Thomas. Members at-large included Jim Tremlett, John DiStefano, Peter Martin, Arlene Martin and Andrea Hull.

“This is an incredible accomplishment that we’re very proud of. We’re grateful to the many BVA volunteers that helped out and to SFCU for its true commitment to community banking,” Lentz said.

“It’s a huge victory for our valley, demonstrating SFCU’s confidence in our financial viability. Their willingness to pursue acquisition of the bank building is evidence of their awareness and appreciation for our historical significance,” Brenner stated in an e-mail communication.

Brenner further stated, “SFCU has demonstrated its commitment to our community from the first discussions. They quickly opened a limited-service branch so we would not be totally without financial services. They have shown their commitment through other actions as well. They added their sponsorship to BVA projects such as On the Trail of Art, Butternut Valley Gravel Grinder and Summer Harvest Festival.”

Butternut Valley residents expressed their pleasure at the imminent SFCU opening.

“I’m delighted to know that Sidney Federal will be opening a bank here in Morris soon. I was extremely disappointed that Community Bank abandoned us. It’s reassuring to know that there is a banking institution still available to support a small community,” said Kathy Riso of Garrattsville.

Arlene Martin and her son, Peter, both partners at the Morris-operated Sunburst Reflections, also had positive comments about SFCU’s occupation of the building.

“I’m thrilled to hear that the bank is reopening in Morris, especially since we have the possibility of getting Emily Boss back,” said Arlene.

Boss was manager at the now-defunct Morris branch of Community Bank and is currently a branch manager at SFCU.

“We owe thanks to the BVA group and to Jim Reynolds and Andrew Smith of SFCU for their continued support and enthusiasm in bringing banking back to our community,” said Peter, who was himself a member of the “Save Our Bank” task force.

“I used to be a customer at Community Bank, but I switched to SFCU. I’m ecstatic that they’re opening here. It’s a beautiful old building and it’s cool that it will be used again,” said Tony Kaminski while retrieving his mail at the Morris Post Office.

As of Monday, March 24, Andrew Smith, chief retail officer for SFCU, could not give an exact date as to when the doors at 132 Main Street would open to the public for banking.

“It’s going to be a couple of months before we’re ready to open the doors. We know we have some work to do to make sure the building is preserved and up-to-date with all of our systems,” he said.

Asked about whether many bankers had switched their accounts to SFCU since its operations began in Morris, Smith was unable to give exact details. He did offer, however, that “…we have had a lot of interest and a great response from the community. We’re confident that once we’re fully operational additional memberships will come in. We’re also continuing to work through the application for a Banking Development Designation which, if approved, will allow us to provide financial services to the local municipalities.”

Absent such a designation, municipal governments are not able to bank at credit unions. With the BDD in place, the towns of Butternuts and Morris and the villages of Gilbertsville and Morris, as well as other municipalities in the Butternut Valley, will be able to bank at a more convenient location.

According to Smith, it is possible that employment opportunities could open up for Morris area residents.

“We always open up opportunities to our current staff first for transfer or advancement. Any open positions that are available after that process will be posted on our website at sfcuonline.org/career,” Smith said.

When the “Save Our Bank” task force announced a partnership with SFCU in May 2024, Lentz stated, “In the end, it came down to a choice between two credit unions, both of whom were able to meet the needs of Butternut Valley residents, businesses and municipalities. It was a tough choice, but we ultimately decided that, on balance, and taking into account the local name recognition of SFCU, partnering with SFCU was the best decision for our community at this time.”

As opposed to a bank, which has shareholders and is publicly traded, a credit union is a not-for-profit money cooperative whose members can borrow from pooled deposits at low interest rates. SFCU was formed in 1949 at the instigation of Scintilla Magneto Corporation employees, who paid $25.00 each to fund an application fee to secure a charter. That same year, the charter was granted by the Bureau of Credit Unions.

In an era where brick-and-mortar banks are disappearing worldwide, the re-establishment of a viable financial institution in Morris is remarkable.

“We believe in a balanced approach to brick-and-mortar and online offerings. As we grow as a financial institution, it’s important that we are able to meet our members where they choose to transact with SFCU. We’re currently in the process of acquiring a mobile branch that will be able to serve some of our other local communities that have been left without access to a financial institution,” Smith said.