Buffalo Business First Journal announced new data last week
By Andrew Harris
With branches in Wellsville, Cuba, Friendship, and Belmont; Alco Federal Credit Union is growing fast. The team lead by CEO Michael Miller has attracted so many new members that the Buffalo Business First Journal listed them as the tenth fastest growing in the region. The listing ranked the 76 credit unions currently operating in Western New York.
Alco, who has recently made moves into both the residential and commercial lending space ended 2024 with $32.5 million dollars in outstanding loans.
What earned them the spot in the ten ten was the over 8% growth, year over year. Deposits in 2024 were $3.62 million dollars more than 2023, topping out at $48.26 million dollars.
Alco’s personalized service, lower loan rates and higher deposit yields have made it an increasingly popular alternative to doing business with international banks. Expansion into neighboring counties, including Pennsylvania has brought new members into the credit union.
CEO Michael Miller has this to say about the recognition and growth in 2024:
“I was excited when I saw the ranking come out in the Buffalo Business First article. We knew that we’ve been experiencing high growth internally but it is important to compare that with others in your field. We often say that credit unions aren’t in competition but in a hybrid of competition and cooperation we like to call “coopetition”. All credit unions are working to share the credit union difference and help members access better and cheaper financial services with lower interest rates and fees.
This is a great opportunity to recognize our staff. Their tireless efforts to provide amazing member service are the primary reason for this huge growth. We have a tremendous team that is always trying to do the best for our members. I also have to recognize our Board of Directors. They work closely with us to allow the Credit Union to work with all members regardless of income and credit score by approving safe and effective policies and approving a growing list of investments in the community.
One of the secrets to our success is that we combine an old-school approach to member service and hard work with all of the fancy new financial services and apps that our modern world requires. If you aren’t yet a member of Alco Federal Credit Union, I’d like to personally invite you to stop by one of our four branches in Wellsville, Belmont, Friendship, and Cuba and ask about opening an account today. You won’t regret it.“
Visit AlcoFcu.com today to find out more on how to become a member and have access to low cost loans and credit cards along with higher deposit rates.
