MASSENA, N.Y.—With projections indicating the population in its home county market will decline by almost 16,000 over the next 20 years, SeaComm FCU is moving to expand its reach.
The $500-million CU next year will move into Clinton County for the first time with a new branch in Plattsburgh, N.Y.
NCUA earlier this year approved the CU expanding its charter to include Clinton County.
SeaComm CEO Scott Wilson said the move is essential to SeaComm’s viability based on U.S. Census reports that indicate St. Lawrence County — its largest county for membership — stands to lose 15,839 people over the next 20 years. That’s a decline of 15% by 2035.
“New opportunity in a region that has become economically flat will, over time, make growth a challenge, Wilson told the Watertown Daily Times. “It is critical to our long-term viability that we continue to plan to grow our membership, especially of those who have borrowing needs. The more people we lose, the more important it becomes to pick up new markets that offer additional opportunity. Critical to our long-term viability is the need for new markets.”
Wilson said expanding to Plattsburgh made sense for a number of reasons, including a population of 82,128 and a ranking as the fourth best micropolitan city for economic development in North and South America.
“It is very similar in the demographic makeup of our current markets, and we believe SeaComm can be very successful in Clinton County. It has been poised for economic growth and ultimate opportunity. They reinvented themselves after the air base closure,” he told the Times.