SEFCU Makes Commitment to Downtown Schenectady

Signs lease for Branch, Commercial Banking & Insurance Headquarters location, sponsors Proctors program

April 14, 2010

Schenectady, N.Y., April 14, 2010 – Schenectady County officials and SEFCU announced today that the credit union will be renaming Clinton Square, a new commercial office building in downtown Schenectady, SEFCU Square. SEFCU will lease the entire second, third, and fourth floors at SEFCU Square to house its growing commercial lending, business banking, and insurance businesses.  SEFCU’s current branch at the corner of State and Broadway will relocate to occupy space on the ground floor at SEFCU Square.

As part of its commitment to supporting education and students from throughout the Capital Region, SEFCU also announced plans to sponsor a year-long program of Proctors Art Night celebrations that will highlight the work of local schools and non-profit organizations.  Two special events include an April program that will feature new visual arts work from students in 14 different school districts. The second is scheduled for January 2011 and will be a battle of the bands from regional high schools.

“We’re excited about creating our Commercial Banking and Insurance Headquarters in downtown Schenectady,” said Michael J. Castellana, SEFCU’s President and CEO.  “We are also looking forward to working with Proctors to help increase foot traffic downtown as part of their school and non-profit arts program” Castellana added.

SEFCU’s move to downtown would not have occurred without the work of Schenectady County’s Metroplex Development Authority, the County’s lead economic development agency.

Susan E. Savage, Chair of the Schenectady County Legislature said, “This means new jobs and a growing economic base in Schenectady County.  Downtown Schenectady looks better than it has in a generation, and job creation is at the heart of our economic revival.  We thank SEFCU for choosing Schenectady County.”

“Proctors is thrilled to have SEFCU as our new neighbor and friend,” said Proctors CEO Philip Morris.  “As the downtown has developed, SEFCU’s administrative people and expanded branch give folks one more reason to be downtown and one more reason to visit the new Schenectady.   With SEFCU’s support of our expanding monthly Art Nights, we just keep making good news.”

Ray Gillen, Chair of Metroplex and Commissioner of Economic Development in Schenectady County said, “We are very grateful for SEFCU’s investment in Schenectady County.  As a leading financial institution in the Capital Region, their presence here is another sign that Schenectady is competing for and wining new investments and jobs.”

Established in 1934 as the credit union for New York state employees, today SEFCU is among the 70 largest credit unions in the U.S. with over 1,000 ways to join, $2 billion in assets, nearly 190,000 members, and 39 branches in the Capital Region, Binghamton, Syracuse, and Buffalo. In addition to standard deposit and loan products, SEFCU offers 24-hour banking by phone and Internet, electronic bill payment and eStatements, investment and insurance services, and a full-range of business banking services. Find us on Facebook®and follow us on Twitter®.

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