SYRACUSE, N.Y. — Empower Federal Credit Union paid its members a total of $4 million in “giveback” bonus dividends and interest rebates for 2020.

The amount each member receives represents a percentage on savings-account dividends earned and a rebate on loan interest paid throughout the year, the Syracuse–based credit union said in a release. Members bonus dividends and interest rebates were posted to their accounts on Dec. 31, 2020.

Empower Federal Credit Union (FCU) has more than 220,000 members and more than $2.3 billion in total assets, according to National Credit Union Administration data.

Empower FCU was formed in 2007 through a merger of Power FCU, founded in 1939, and Empire FCU, founded in 1950.

CAMILLUS, N.Y. — About 70 percent of member-customers who use the Township 5 Camillus branch of the Summit Federal Credit Union (FCU) “primarily” use its mobile and online technology for their transactions.

With the use of the technology, the branch has seen declining traffic and fewer transactions for the past few years.

That’s why Laurie Baker, president and CEO of the Summit FCU, says the organization plans to close that branch in early May. 

“We believe we need to concentrate our resources where it makes the most sense for our members who are also the owners of the credit union,” says Baker. “And we have a fiscal responsibility to be wise about how we invest in brick-and-mortar locations and if it would serve members better to invest elsewhere in different technologies. Sometimes that requires changing course.” She spoke with CNYBJ on Jan. 26. 

The branch, which is a leased location for the Summit FCU, will close at the end of business on Saturday, May 1. An ATM will remain on-site following the closing.

When asked how many people work at the Township 5 location, Baker cited “branch security purposes” and declined to disclose an employee count. “…But everyone will be able to stay with the Summit, if they choose, and I believe all of them will,” she adds.

The credit union opened the branch in 2016 and at the time called it the “most technologically-advanced” of all its offices.

In contrast to the decline in customer traffic at the Camillus office, the Summit’s newest branches along Taft Road in Clay and in Cortland have had “steady streams” of members seeking in-person services, the credit union says.

The credit union’s Taft Road branch in Clay consolidated its previous Liverpool and Cicero branches into one, so it has a lot more members, according to Baker. 

“Some of our members prefer face-to-face transactions and in Cortland, this is more the rule than the exception,” she notes.

The Summit FCU serves 15,000 members and 40 member companies in Central New York. 

Despite the branch closure, Baker stresses that the Summit will continue to support initiatives “important to its Camillus members,” such as the Camillus Police Department, Camillus Senior Center, Camillus 4th of July Fireworks at Gillie Lake, and the Carol Baldwin Breast Cancer Research Fund. 

Todd Harper has been named chairman of the board of directors of the Alexandria, Virginia–based National Credit Union Administration (NCUA).

Harper was first nominated to serve on the NCUA board in February 2019, confirmed by the U.S. Senate in March 2019 and sworn in as a board member in April 2019. 

Prior to joining the board, Harper served as director of the NCUA’s Office of Public and Congressional Affairs. He was the first member of the NCUA staff to become an NCUA board member.

“The credit union system now sits at the intersection of several crossroads, and the agency faces many decisions ahead related to the economic fallout of the COVID-19 pandemic and the need to advance economic equality and justice,” Harper said in a Jan. 25 NCUA news release. “As NCUA board chairman, I will continue to focus on four policy priorities: capital and liquidity, consumer financial protection, cybersecurity, and diversity, equity and economic inclusion. Each of these priorities are vital in responding to current economic and marketplace realities.”

Harper replaces Rodney Hood, who was nominated to the NCUA board by President Donald Trump in January 2019. The U.S. Senate confirmed him in March 2019 and he took the oath of office in April 2019, when he was designated chairman by Trump. Hood will remain a member of the board, along with Kyle Hauptman, who was sworn in on Dec. 14, 2020.

“On behalf of the New York credit-union movement, I congratulate Todd M. Harper on his appointment as NCUA board chairman,” William Mellin, president and CEO of the New York Credit Union Association (NYCUA), said in a statement. “We look forward to working with the chairman in his new role, in addition to board members Rodney Hood and Kyle Hauptmann, as we continue to identify and advance the best interests of New York credit unions and their members. Board member Hood should be commended for his willingness to meet with and hear directly from the New York credit union community during his time as chairman. I have every reason to believe we will continue our strong working relationship with NCUA as Chairman Harper takes the helm of the agency.”

KeyBank, a unit of KeyCorp (NYSE:KEY), recently announced it has ppointed Rachael Sampson as senior VP and director of its Key4Women program. 

Sampson will lead a nationwide network to promote and support women business owners and clients in seeking growth. She has been with KeyBank for 15 years and previously served as relationship manager of commercial banking for KeyBank’s Cincinnati market.

“Rachael understands the importance of what it means to be a relationship-driven bank and how we can work with our clients to empower them,” Tony Amador, leader of KeyBank’s consumer health care and alternative channel, said in a release. “She’s going to bring that vision and skill set to Key4Women as we grow this network and find new ways to help women-owned businesses during these challenging times.”

The bank contends that Sampson’s experience has prepared her for the challenges women business owners are facing with the COVID-19 pandemic. Key4Women’s Confidence Survey finds the coronavirus crisis “has created an incredible amount of strain for women business owners.” In two years, the survey has found a 22 percent drop among respondents who say they are confident in their personal finances and in the future, along with a 23 percent drop among those owners regarding the confidence in the financial health of their business. One in three women now have low optimism that they will achieve their business goals in the next year, per the release.

“Key4Women is an avenue of growth and advice for so many women business owners and leaders. As a relationship-based bank, we want to be a partner in helping our clients use every tool possible, while knowing exactly what best fits their business and goals,” said Sampson, who has nearly 20 years of banking experience, ranging from commercial banking to loan-operations management, compliance, and credit.

KeyBank started Key4Women in 2005. The free program offers women business owners and leaders “committed advisors to help guide them on their financial journeys, networking events and educational opportunities, research and resources, and access to capital,” the bank said.

“When I joined KeyBank 15 years ago, Key4Women was less than a year old. While the complimentary program has grown exponentially, helping to generate more than $12 billion in loans granted to women-owned business since then, our goal remains consistent — to advocate, connect and empower women-owned businesses and leaders so they can thrive. I know we can keep that momentum going, no matter what we face,” said Sampson.

She holds a bachelor’s degree in business administration from Thomas More University and is working toward an MBA degree from the University of Cincinnati.

Cleveland, Ohio–based KeyCorp’s roots trace back 190 years to Albany, New York. KeyBank is the second-largest bank in the 16-county Central New York region, ranked by deposits, according to the latest FDIC statistics.