Sunmark Announces Completion of Conversion from Federal to State Charter

Sunmark has received final approval from federal and state regulators to convert from a federal to a state-chartered credit union. Additionally, a vote of the Sunmark membership was held and the conversion officially approved by members on July 31, 2019. Effective January 1, 2020 Sunmark is now Sunmark Credit Union.

Previously, Sunmark was regulated by the National Credit Union Administration (NCUA). A state charter means Sunmark is now 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.

Read the Press Release From the New York State Department of Financial Services Here

With the federal 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 the new State-charter, Sunmark will have the opportunity to expand to Warren, Fulton, Columbia, Greene, Dutchess, 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 thrilled to receive final approval for Sunmark’s conversion to a state-chartered credit union.  This exciting moment in Sunmark’s history would not have been achieved without the hard work and dedication of the entire team within the New York Department of Financial Services.  They were a true partner during the entire application process, and we thank them for their guidance to make this possible.  The change to a state-chartered credit union now allows Sunmark the opportunity to better serve the employees of existing employer groups and to provide Sunmark’s complete and affordable selection of financial products and services to more people.  Now, as a state-chartered credit union, Sunmark will be in a better position to fulfill our mission and improve the financial well-being of all persons”.

See our complete list of frequently asked questions below to help explain the purpose for this exciting change and how it will afffect Sunmark members.