May 16, 2013
Corning Credit Union Breaks Ground in Leland
Corning Credit Union broke ground today at the site of its new location on U.S. Highway 17 in the Waterford Village development in Leland. Construction is scheduled to begin within the next month and the new branch is anticipated to open by the end of 2013.
“We are very excited to break ground and see construction on this branch begin,” said Jason Bierman, vice president and chief administrative officer. “With a growing number of members living or working in Leland, we believe this location will offer greater convenience paired with exceptional service.”
The 3,500 square foot branch will feature a large banking lobby, multiple drive-thru lanes and a drive-thru ATM. After opening, the location will replace the credit union’s current smaller leased space located in the Logan Homes Building at 60 Gregory Road. CCU also has locations on Racine Drive and Patriot Way in Wilmington.
May 7, 2013
Corning Credit Union Announces First Quarter Results
Corning Credit Union experienced strong results in the first quarter of 2013 with positive loan, deposit and earnings growth.
At the end of March, total loans stood at $638 million, a 6.2% increase year over year. Total deposits increased 8.8% compared with deposits held at this time last year, ending the quarter at $939 million. In addition, the Credit Union’s retained earnings increased by $1.7 million during the quarter.
February 1, 2013
Corning Credit Union Reports 2012 Year-End Results
Corning Credit Union reported strong financial results for 2012, with increases in loans, deposits, and membership.
Total loans reached $640 million by the end of December, a 7.6% increase over December 2011. Total deposits grew 9.9%, ending the year at $887 million. In addition, the Credit Union realized an 8% gain in net worth, for a year-end total of more than $90 million.
“2012 marked our 33rd straight year of continued growth and profitability. We are very pleased with our results, and we are grateful for the continued support of our 85,086 members,” said Gary Grinnell, President and CEO.
December 10, 2012
SBA Names CCU Top Small Business Lender 2012
The Southern Tier Small Business Administration named Corning Federal Credit Union one of the top Southern Tier small business lenders for the fifth year in a row for fiscal 2012.
According to the SBA, Corning Federal Credit Union outperformed all other Southern Tier small community lenders by approving 20 loans worth $1.4 million, an 11 percent increase over the previous fiscal year.
“Strong relationships with our lending partners are essential in providing small business owners with increased access to the capital. With continued partnership, Southern Tier entrepreneurs can continue to invest in their businesses and communities,” praised SBA Syracuse District Director Bernard J. Paprocki.
The SBA 7(a) is the largest loan program providing operating capital to small businesses. During fiscal year 2012, which ended September 30th, SBA lenders in the 34-county Syracuse District provided 682 7(a) and 504 loan approvals valued at $168 million in needed capital. The SBA Southern Tier covers Broome, Chemung, Chenango, Cortland, Delaware, Otsego, Schuyler, Steuben, Tioga and Tompkins counties.
Corning Credit Union continues its advocacy efforts in Washington D.C. to garner political support for changes that would enable more small business lending by credit unions. CCU would like to lend more money to small businesses in our local communities. If you would like to help, please send a message to Congress in support of the Small Business Lending Enhancement Act.
November 5, 2012
Good Third Quarter for Corning Credit Union
Corning Credit Union reported strong results in the third quarter of 2012, with healthy increases in loans, deposits, and membership. The Credit Union’s membership has risen to more than 84,000 worldwide.
Total loans reached $632 million by the end of September, a 6.1% year to date increase. Total deposits grew 7.4% year to date, ending the quarter at $867 million. In addition, the Credit Union’s net worth rose by nearly $4.7 million year to date.
“Corning Credit Union’s third quarter performance gives us a firm foundation to build upon for the fourth quarter. We’re looking forward to finishing another year on a positive note,” said Gary Grinnell, President and CEO.
July 25, 2012
Corning Credit Union Demonstrates Continued Strength and Stability in Q2
Corning Credit Union is experiencing continued growth in 2012, with steady increases in loans, deposits, and membership.
Total loans stood at $611 million at the end of June, for a year-over-year increase of 6.6%. Total deposits increased to $867 million, 8.3% more than in June 2011. The Credit Union’s net worth has increased nearly $4 million since the beginning of the year.
“We are very pleased with our continued growth and positive results,” said Gary Grinnell, president and CEO. “We deeply appreciate the continued support of our 83,000 members.”
May 16, 2012
2012 Credit Union Association of New York Scholarship Program Winners
We have two scholarship winners! Congratulations to Ran Liu, a student from the Corning-Painted Post school district who earned a total of $1000 in awards from the 2012 Credit Union Association of New York (CUANY) Scholarship Program ($500 from the state level and $500 from the Finger Lakes Chapter of CUANY). Hannah Russell is a student in the California, PA, area and a $500 Finger Lakes Chapter scholarship award recipient. Both award recipients are honor students who are actively involved with their high school and their communities in addition to maintaining part-time employment and volunteering their time regularly to help others.
Selection criteria include: academic achievements, extracurricular and community activities and volunteer work, employment, demonstration of leadership, plus an essay submission. Applicants were asked to explain the value of the philosophical foundation of credit unions – People Helping People – with references to its historical importance, examples of the philosophy’s societal impact, as well as their personal interpretation of the philosophy and how they have demonstrated it in their lives.
Applications are accepted in the fall each year. Once the new scholarship applications are available, they will be posted to our website.
May 1, 2012
Strong Start to 2012 for Corning Credit Union
Corning Credit Union started the first quarter of 2012 on a strong note, with solid loan and deposit growth and nearly 2,000 new members.
By the end of March, total loans stood at $600 million, an 8.5% increase year over year. Total deposits increased 6.2% compared with deposits held at this time last year, ending the quarter at $864 million. In addition, the Credit Union’s net worth increased nearly $2 million during the quarter.
"We’re pleased with Corning Credit Union’s first quarter performance and achievements,” said Gary Grinnell, President and CEO. “CCU successfully completed a merger with American Community Federal Credit Union, expanding our presence to serve more members in Franklin County, Pennsylvania. We also opened a new drive-thru facility at 253 South Hamilton Street in Erwin, New York."
February 13, 2012
Erwin Corning Credit Union Drive-Thru Facility Ribbon Cutting and Opening
Corning Credit Union is pleased to announce the opening of its new drive-thru facility at 253 South Hamilton Street in Erwin, NY, on Monday, February 13, 2012. CCU held a ribbon-cutting ceremony on Thursday at the new drive-thru, which is located between Arby’s restaurant and the Corning Inn.
The location was selected specifically to provide CCU members with more convenient access to their accounts and CCU services; close to where they live and work, or on their daily commuting route. The new facility offers a new drive-up ATM and three drive-thru lanes which are staffed by member service representatives who can provide access to CCU accounts and services. In addition the lobby has a full-service ATM for automated transactions. There is also a 24-hour depository available for the convenience of CCU business members.
The Erwin facility’s automated services are available 24/7. The lobby is also accessible 24-hours a day by using a CCU card for after-hour access. Member Service Representatives are available to assist members with account access and services Monday through Wednesday, from 8:30 a.m. until 4:30 p.m., and Thursday through Friday, from 8:30 a.m. until 5:30 p.m.
December 7, 2011
American Community Federal Credit Union and Corning Credit Union Announce Merger Plans
American Community Federal Credit Union (ACFCU), located in Chambersburg, PA, and Corning Credit Union (CCU), headquartered in Corning, NY, are pleased to announce that the two organizations will be merging on January 1, 2012. Corning Credit Union will be the continuing credit union once the merger takes place.
Both credit unions have collaborated extensively over the past several months, during which time ACFCU has also been without a CEO. A merger will be beneficial for members of both organizations, as ACFCU members will benefit from increased product and service offerings provided through CCU and CCU members will gain an additional branch location in Chambersburg. In addition, CCU will retain ACFCU’s community field of membership, ensuring that anyone who lives, works, worships, or attends school in Franklin County will be eligible for membership at CCU.
“While CCU has always been strongly committed to the Greencastle area, this merger will solidify us as a credit union leader in the area and will reinforce our commitment to growing our business in Franklin County,” said Gary Grinnell, Corning Credit Union President and CEO. “Our goal now is to make the transition smooth and successful for all American Community Federal Credit Union members.”
Grinnell stressed that American Community Federal Credit Union members do not need to take any action at this time. American Community Federal Credit Union services will continue uninterrupted until Corning Credit Union is ready to begin transitioning accounts. CCU will provide American Community Federal Credit Union members more detailed information about the merger by mail in January.
For more information about the upcoming merger, please contact us by calling 800-677-8506, ext. 744.
November 9, 2011
SBA Names CCU Top Small Business Lender 2011
The Southern Tier Small Business Administration named Corning Federal Credit Union one of the top Southern Tier small business lenders for fiscal 2011, which ended Sept. 30, according to the U.S. SBA.
For the fourth year in a row, Corning Federal Credit Union outperformed all other small community lenders in SBA 7(a) loan approvals in its category. The SBA 7(a) is the largest loan program providing operating capital to small businesses. It approved 18 loans worth $2 million in the Southern Tier. The SBA Southern Tier covers Broome, Chemung, Chenango, Cortland, Delaware, Otsego, Schuyler, Steuben, Tioga and Tompkins counties.
"With continued partnership, Southern Tier entrepreneurs can continue to invest in their businesses and respective communities," SBA Syracuse District Director Bernard Paprocki said.
News of the SBA recognition comes on the heels of Corning Credit Union’s CEO & President Gary Grinnell’s second visit to Washington D.C. representing NAFCU. During his first visit, Grinnell spoke to lawmakers to advocate changes that would enable more small business lending by credit unions. During his follow-up visit to D.C., Grinnell spoke before the House Small Business Committee about improving SBA lending programs. He told the Committee that while the Small Business Administration’s financial programs are providing much needed opportunities to small businesses, the programs could only reach their full potential “if Congress and the SBA make it easier for credit unions to participate in these programs.”
Corning Credit Union would like to lend more money to small businesses in our local communities. If you would like to help, please send a message to Congress in support of the Small Business Lending Enhancement Act.
November 7, 2011
Corning Credit Union Reports Strong Third Quarter Results
Corning Credit Union continued its trend of strong growth throughout the third quarter of 2011.
Both the lending and deposit areas experienced increases during the last three months. By the end of the quarter, total loans stood at $583 million, compared with $545 million at this time last year. CCU ended the quarter with $809 million in total deposits, an increase of more than 10.8% year over year. Total capital now stands at $87.2 million, a 5.1% increase since September 2010. In addition, the credit union has welcomed 3,261 new members so far this year.
November 2, 2011
The Economic Environment and its Impact on Interest Rates
Dear Members,
We are pleased to report that the Credit Union has weathered this prolonged economic downturn exceptionally well. Our assets have grown significantly and demand for both consumer and commercial lending remain high. Our membership is growing and we have been expanding our member facilities in Wilmington, NC and a new branch is underway in the Corning area. We remain strong and well-positioned to continue to provide excellent service to our members all over the world.
Our ability to withstand this lengthy downturn can be attributed to our conservative investment strategies and our philosophy of always managing for the long-term. Because we have always been conservative, we have not experienced the losses on our investment portfolio or loan portfolio that have threatened the health of so many financial institutions across the country.
Regardless, navigating this exceptionally low interest rate environment remains a challenge because in many cases we are continuing to pay our members more in dividends than we are earning on our investments. We have slowly reduced our dividend rates over the past few years, even as other financial institutions rapidly lowered rates and the market has made dramatic adjustments. Our response has come with great consideration because we understand that our members expect to maximize return on their savings. However, we also understand that members expect their Credit Union to remain safe and financially strong for the future. The Credit Union's goals are the same – provide a competitive return and remain safe and sound. Therefore, we will continue to carefully balance these goals as this environment continues throughout 2012 and beyond. The following provides some additional background on our outlook and decisions.
Changes to the Rate Environment
During the recession, the Federal Reserve drastically cut interest rates from 5.25% to 0-0.25% in an unprecedented 15-month time frame. Additionally, they recently announced that rates will be kept low through mid-2013. When the Federal Reserve lowers interest rates to levels at or near zero, it has a profound effect on the way all financial institutions must operate. When our share and certificate dividend rates are set at anything above zero, we automatically pay out more in dividends than we earn with our short-term investments. And while we can sustain these interest rates for short time periods to give back to our members, we must also consider the long-term earnings impact to the Credit Union.
While the Federal Reserve reduced interest rates by 500 basis points since 2007, our regular share rate has only decreased 100 basis points since that time. During this same time frame the yield on our investment portfolio has decreased 77%. We are currently earning very little on our large investment portfolio due to the interest rate environment and because of our exceptionally low-risk investments. We always put safety before yield when we make investments.
Deposit Growth
Also factoring into our decision making process with interest rates is a dramatic increase in member deposits over the last three years. As the economy faltered, our members put their faith in us by increasing their savings and deposits. In fact, our shares have increased a record 62% or $311 million since the financial crisis began – which is a wonderful vote of confidence in our safety and financial strength. We are grateful for this trust that our members have placed in us. However, this significant deposit growth has doubled our cash and investment levels to approximately $278 million. We are earning less on most of these investments than what we are paying in dividends. This of course reduces our earnings and every additional share dollar multiplies this effect.
Prolonged Economic Effects
As the Federal Reserve recently confirmed, changes to the rate environment are not anticipated in the near future and the economic environment is expected to improve very slowly. As such, we will continue to make the best financial decisions for the Credit Union based on what we know about all of these factors. Please know that these decisions are only made after careful consideration and balancing our goals of returning value to our members and keeping the Credit Union safe and sound. We will continue to manage for the long-term, and we will continue to build our earnings and reserves. And as a result of this careful management, we will continue to be prepared for whatever the future brings.
We hope you will continue to find that our rates are highly competitive in the marketplace, that our products are a great value, and that the member services we provide are world class. Your confidence in Corning Credit Union and your membership are truly appreciated.
Thank you for your continued support and membership!
Sincerely,
Gary Grinnell
President and CEO
August 8, 2011
Corning Credit Union Reports Strong Second Quarter Results
Corning Credit Union continued its trend of strong growth throughout the second quarter of 2011.
Both the lending and deposit areas experienced increases during the last three months. By the end of the quarter, total loans stood at $573 million, a 7.5% increase year over year. Total deposits increased 10.7% compared with deposits held at this time last year, ending the quarter at $801 million. In addition, total capital now stands at $87.1 million, a $4.3 million increase from the same time last year.
“We are very pleased with our loan results for the first half of 2011,” said Gary Grinnell, President and CEO. “Members are taking advantage of continued low interest rates by opening new loans and by refinancing their loans from other financial institutions with us.”
June 28, 2011
Erwin Branch Construction Begins in July
Corning Credit Union is pleased to announce that it will begin construction of a new branch on South Hamilton Street in Erwin, NY. Construction is slated to begin in early July, with completion anticipated by the end of the year. CCU expects the branch to be open for business either by the end of 2011 or in the New Year, early in 2012.
The new branch will be located between the Arby’s restaurant and the Corning Inn. It will have a drive-up ATM, three drive-through lanes staffed by two or three member service representatives to provide access to accounts and CCU services. The lobby will have a full-service ATM for automated transactions.
“We’re thrilled to be able to offer our members another convenient location,” said Gary Grinnell, President and CEO. “This is exciting for people who live, work, or commute through the Erwin area. Several members have already expressed their enthusiasm about the new branch.”
May 26, 2011
Corning Credit Union Celebrates Grand Re-Opening of Greencastle Branch
Corning Credit Union recently hosted a grand re-opening of its Greencastle, PA, branch located at 677 South Antrim Way. The Credit Union celebrated its newly renovated branch with a ribbon-cutting ceremony, Chamber Mixer, and refreshments. The well-attended event was co-sponsored by the Greencastle-Antrim Chamber of Commerce.
Corning Credit Union invites Members, area residents and business owners to come in to see the beautiful improvements, talk with representatives, and to learn about the latest promotions, products and service opportunities available.
May 9, 2011
Corning Credit Union Begins 2011 with Solid Results
Corning Credit Union began 2011 with solid financial performance.
By the end of the quarter, total loans stood at $553 million, a 5.5% increase year over year. Total deposits increased 14.8% compared with deposits held at this time last year, ending the quarter at $813 million. In addition, the Credit Union earned nearly $1.4 million during the quarter.
"We're pleased that members continue to demonstrate their belief in the safety and soundness of the Credit Union by saving with us," said Gary Grinnell, President and CEO. "That commitment helps keep the membership, our communities and the Credit Union strong."
April 18, 2011
Corning Credit Union Announces New Wilmington Branch
Corning Credit Union is pleased to announce the recent opening of its third branch in the Greater Wilmington Area. The New South Wilmington Branch is located in the Fulton Station Office Plaza at the intersection of 17th Street Extension and South College Road. The branch includes a full-service depository ATM.
Corning Credit Union invites Members, area residents and business owners to come in to see the new branch, meet the representatives, and to learn about the product and service opportunities available. The branch is open Monday through Thursday, 9 a.m. – 5 p.m., and Friday, 9 a.m. – 5:30 p.m. Stop by and find out how you can become a Corning Credit Union Member.