IBM Poughkeepsie Employees Federal Credit Union began in October 1963 when a group of IBM employees had a vision to create a financial cooperative for employees in Poughkeepsie and Fishkill, and their families— a vision where the needs of the individual would be placed before profit. Our product line in the beginning was modest, consisting of basic savings and consumer loans. By the end of our first year, the credit union had 14 member accounts and $172 in assets.
Our name has changed over the years, our assets, products, and services have grown. Our membership has evolved to reflect the changing needs of our surrounding community but our mission and vision remain the same. Today, Hudson Valley Federal Credit Union is a full service not-for-profit financial cooperative, 273,000+ members strong. We extend membership to our neighbors who live, work, worship, volunteer, or attend school in the counties of Dutchess, Orange, Ulster, and Putnam.
Key Events Timeline
Many members have been with us since our inception in 1963. We are proud to have reached many milestones while always keeping our primary goal in sight— keeping our members first.
- 1963 – IBM Poughkeepsie Employees Federal Credit Union granted a charter by National Credit Union Administration; opens first accounts in September.
- 1964 – First loan made
- 1974 – Concept of lifetime membership adopted, Readi-cash Line of Credit and student loans introduced
- 1977 – Checking account introduced
- 1978 – Certificates, IRAs, VISA, long-term mortgages, ATM service introduced
- 1981 – First off-site branch opened with first ATM and drive-up
- 1983 – Membership expanded to include all Dutchess County IBM employees, retirees, & family members
- 1984 – Barnegat Rd and Hyde Park branches opened, home equity lending introduced
- 1988 – Arlington branch opened, Direct Deposit introduced
- 1990 – Name is changed to IBM Hudson Valley Employees Federal Credit Union, Dutchess Mall branch opened
- 1993 – The Investment Center is established
- 1994 – Credit union became SEG-based with new name, Hudson Valley Federal Credit Union
- 1995 – Hollowbrook branch opened
- 1996 – Website launched
- 1997 – Newburgh branch opened
- 1998 – Assets surpassed $1 billion
- 1999 – VISA Check Card introduced
- 2003 – Community Charter, Hopewell Junction branch opened, Members’ Choice introduced
- 2004 – Business Services introduced
- 2005 – Civic Center Plaza branch opened
- 2006 – Pleasant Valley branch opened
- 2007 – Middletown branch opened
- 2008 – Newburgh branch rebuilt, Kingston & Beacon branches opened
- 2009 – New Windsor branch opened
- 2010 – Expands into Putnam County with branches in Carmel and Brewster
- 2010 – Highland branch opened & Mobile Banking introduced
- 2011 – Montgomery branch opened & Facebook page launched