By MATT LINDSEY

POTSDAM – St. Lawrence Federal Credit Union is opening its newest location following a survey that identified Potsdam as the “best place” in St. Lawrence County to expand.

St. Lawrence FCU Chief Executive Officer Todd Mashaw says the study considered employment, age brackets, population and businesses as deciding factors.

He also said business growth is essential to staying competitive in the financial world.

“We would like to make contact with many businesses in the area,” Mashaw said, including the colleges and Canton-Potsdam Hospital. “We will see if we can help them with their financial needs.”

The 2,700 square foot building at 6585 State Highway 56 has a more modern look with options for people to bank traditionally or electronically.

The credit union held a soft opening earlier this month and Mashaw said things are “going well” and that many new accounts have been opened.

New Business Prospects

Mashaw said banks and credit unions are similar, but many credit unions are smaller. He said about 70 percent of credit unions have assets under $50 million.

“It's hard for smaller credit unions to stay competitive,” he said.

Mashaw said some credit unions merge in an effort to stay competitive and some merge just to get bigger.

“In this industry, you have to grow somewhat to compete,” he said.

The credit union is chartered for St. Lawrence County and the new location will allow them to market themselves to new clients.

Mashaw said there are plans to get out and meet with members of the community and businesses, but for the immediate future, they are “getting their feet wet” in Potsdam.

Mashaw said lots of new faces have stopped in and opening new accounts and existing clients have dropped by to say they are happy about a closer branch location.

Emphasis on Technology

“This location is a little more modern – it’s a little different than our other locations,” he said.

Instead of sitting at a desk across from a bank teller or loan agent, clients sit next to bank personnel in pods. “If you want to sit at a desk, we can accommodate that as well,” Mashaw said.

“We have an ambitious staff that will be there to great you,” he said, citing the credit union is looking to add a “personal approach” to its banking experience.

Banking can be done in a variety of electronic ways, including cell phones, tablets and computers. Traditional banking options are still available too.

There will also be no traditional lines for tellers. The branch will offer two ATMs with deposit modules, one on the wall and one at an island, allowing for customers to make deposits, withdraw money and other transactions, Mashaw said. There will be no tubes or windows.

“Don't let the technology stop you from coming in,” he said. “We can still serve customers in a more traditional way.”

Grand Opening Celebration

A grand opening ribbon cutting ceremony is planned at its new Potsdam branch just north of the village Friday, June 16, at 11 a.m.

Local dignitaries are expected be on hand for the ceremony. Credit union board members, staff and management will attend.

B99.3 will broadcast live and there will be drawings as well. Light snacks will be provided.

For more information, call 315-393-3530.

Credit Union History

Eight St. Lawrence State Hospital employees originally formed the St. Lawrence State Hospital Employees Federal Credit Union, now known as the St. Lawrence Federal Credit Union.

St. Lawrence Federal Credit Union has grown from $40 in assets in 1954 to $150 million in assets today.

Assets his $1 million in 1972 and grew to $100 million in 2013.

Other locations include Canton and two sites in Ogdensburg.

St. Lawrence Federal Credit Union has 9,600 current members and employs 41 people.