By MATT LINDSEY

Seacomm Federal Credit Union plans to expand into Clinton County later this year in response to the flat economy in St. Lawrence County and an expected population decline in the county over the next 20 years.

Market expansion is part of a long-term strategic goal of the credit union, said Scott A. Wilson, president and CEO of Seacomm.

“The expansion is critical for Seacomm,” Wilson said.

Seacomm branches in Potsdam, Canton, Massena and Ogdensburg.

The process started in the fall of 2014 as the Board of Directors approved plans to request a charter expansion into Clinton County from the National Credit Union Administration (NCUA), their federal regulator.

“We submitted an application, business and marketing plan with a three year financial forecast and were approved in March of 2015,” he said.

The new field of membership will encompass all of Franklin, St. Lawrence and Clinton Counties.

Seacomm is also building a branch in Malone on U.S. Highway 11 near the Holiday Inn Express which should be open this year.

“We had to submit plans for what will happen if we move into a new market and if we don't,” Wilson said.

Seacomm, with a half billion dollars in assets, has a 29 percent market share in St. Lawrence County, the second largest in the county, he said.

Wilson said that with St. Lawrence County being an economically flat region and a study that says the county will lose 15 percent of their population by 2035, changes were needed.

“Without the expansion growth would be a challenge,” he said.

Based off of census trends, St. Lawrence County, is on track to lose 15,839 people over the next 20 years, or a decline of 15 percent by 2035.

“This is good for the consumer and long-term viability,” Wilson said. “The more people we lose the more important it is to pick up new markets.”

In looking to expand, Plattsburgh and Watertown were considered as they are growing markets, Wilson said.

Plattsburgh was ultimately chosen as they have done a good job of reinventing their area following the loss of their Air Force Base, he said.

“There are lots of positive opportunities and I see this as a good fit for us,” he said.

Other factors included rail, highway and port access; which has led to a steady growth in small to medium size industry. Quick access to Interstate 87, which directly connects New York City to Montreal was another positive factor.

Wilson said Plattsburgh is home to several large companies including Bombardier and Nova Bus and is also in the process of revitalizing their air base. SUNY Plattsburgh has an economic of $203 million and the University of Vermont Health

“Bombardier and Nova Bus provide good paying jobs,” he said.

Laurentian Aerospace are planning to construct a $200 million maintenance, repair and overhaul 273,000 square-foot facility for large-body jets at the Plattsburgh International Airport.

“That could bring around 1,000 high-paying jobs to that area,” Wilson said.

Seacomm is in the process of buying land in Plattsburgh with construction expected to begin in late spring or early summer. Wilson hoped the new branch would be open this fall.

When asked how quickly branches would be added in Clinton County Wilson said “we don't want to oversaturate the market…we want to be cautious and not rush into a new market.”

Wilson said that more locations would depend on the need and also the success of the initial branch.

The expansion to other areas should not have a direct effect on branches in St. Lawrence County, but the way people choose to bank is changing.

“There is an electronic shift in how people are making transactions,” he said. “People can withdraw money at ATMs, deposit checks through mobile apps and apply for lending through the call center or online.”

Seacomm closed its former 79 Main St. branch in October and consolidated with their 30 Stearns St. location, which serves as its main office.