LEGISLATIVE RESOLUTION commending Sidney Federal Credit Union upon the
occasion of celebrating its 60th Anniversary on June 13, 2009

WHEREAS, It is the sense of this Legislative Body that the quality and
character of life in this great Empire State is indelibly enriched by
the faithful efforts of those financial institutions and their leader-
ship who devote their purpose to promoting economic vitality and service
the public need; and
WHEREAS, Attendant to such concern, and in full accord with its long-
standing traditions, this Legislative Body is justly proud to commend
Sidney Federal Credit Union upon the occasion of its 60th Anniversary to
be celebrated at its 21st Hometown Day Parade on Saturday, June 13,
2009; and
WHEREAS, On November 23, 1948, a small group of Scintilla Magneto
Corporation employees met in the union lodge in Sidney, New York, to
discuss the possibility of forming a credit union; at the meeting, 15
employees paid to fund the application fee to secure a charter; and
WHEREAS, On January 26, 1949, charter number 6011 was received from
the Bureau of Credit Unions and Sidney Federal Credit Union was born;
and
WHEREAS, At this point in time, the only requirement for membership
was that the member had to be employed by the Scintilla Magneto Corpor-
tation, or be an immediate family member of an employee; and
WHEREAS, Over the next few years, the credit union business was
conducted from Harry Dol's work bench in the Scintilla tool room; in
1951, the credit union moved to a location over Kent's Variety Store on
Main Street in Sidney; and
WHEREAS, In July of 1957, plans were made to erect a new building on
Union Street in Sidney; completed in July of 1958, the new building has
a drive-thru window, off-street parking, and an entrance from the Scin-
tilla parking lot for the convenience of the membership; and
WHEREAS, The Sidney Federal Credit Union had grown to include 3500
members by the early 1960s; it became apparent that it was outgrowing
the current facility, and it was decided that a second story would be
added to the existing building; the addition was completed in 1964; and
WHEREAS, In 1971, the Sidney Federal Credit Union was granted an
amendment to the original charter to include all persons living or work-
ing in a two-mile radius of the Sidney Post Office as the new field of
membership; and
WHEREAS, Throughout the 1970s, the Sidney Federal Credit Union contin-
ued to merge with other smaller credit unions, and its field of member-
ship was expanded to include 13 surrounding townships; as a result of
this expanded field of membership, in 1978, the credit union opened its
first branch office in the village of Walton; and
WHEREAS, During the early 1980s, the Sidney Federal Credit Union
continued to grow with the addition of a second branch office in Greene;
then, on October 15, 1986, the National Credit Union Administration
granted the credit union yet another expansion of its field of member-
ship to include anyone who lived or worked in Chenango, Delaware, and
Otsego counties and soon after the Town of Colesville in Broome County;
and
WHEREAS, A year later, a new branch was opened in Oneonta, another in
Bainbridge the next year, and a second addition was completed on the
Sidney office; by the end of the 1980s membership had grown to nearly
34,000; and
WHEREAS, The 1990s brought several more building expansions; a new
building was erected in downtown Oneonta on Market Street and became

operational in June of 1990; in 1994, a new building was built in
Norwich; in December 1997, Sidney Federal Credit Union's first full-ser-
vice micro-branch was opened in a Quickway Convenience Store in Hancock;
and
WHEREAS, Expansion continued with the completion of a new and much
larger branch office on the original branch site in Walton in 2003; this
was followed in 2005 with the dedication of a second branch office in
Oneonta on Oneida Street; then, in June of 2007, additions to the Greene
branch office were completed; at this time, Sidney Federal Credit Union
had grown to eight branch offices with a membership of just over 48,000;
and
WHEREAS, As Sidney Federal Credit Union celebrates its 60th Anniver-
sary in 2009, plans have been completed and approved for the
construction of a new headquarters facility in Sidney which is scheduled
for completion in 2010; and
WHEREAS, The location of the new building will be on the lot adjacent
to the current facility on Union Street; when completed, members will
enjoy the convenience of a five-lane drive-thru, with one lane for a
drive-up ATM and night depository, and a large parking lot adjacent to
the modern new "green" facility; and
WHEREAS, This Legislative Body looks favorably upon the strong role
which institutions such as Sidney Federal Credit Union play in strength-
ening the social and economic fabric of our communities through provid-
ing growth opportunities for citizens and businesses; and
WHEREAS, It is the sense of this Legislative Body to honor and pay
tribute to those successful financial institutions that have had a
profound impact on the residents of this great Empire State; now, there-
fore, be it
RESOLVED, That this Legislative Body pause in its deliberations to
commend Sidney Federal Credit Union upon the occasion of celebrating its
60th Anniversary on June 13, 2009; and be it further
RESOLVED, That a copy of this Resolution, suitably engrossed, be tran-
smitted to Sidney Federal Credit Union.