MASSENA -- SeaComm Federal Credit Union, based in Massena, is expanding into Clinton County.
SeaComm officials expect to have a full-service branch in Plattsburgh by the end of August 2016.
“Market expansion is a long-term, strategic goal of the credit union,” said SeaComm CEO Scott Wilson. “In order to continue to be successful, it is necessary for SeaComm to garner additional members. Today, SeaComm has nearly a 29 percent market share penetration in its current field of membership.”
Wilson said the credit union is making the move based on census projections that forecast St. Lawrence County losing 15 percent of its current population in the next 20 years.
“New opportunity in a region that is economically flat with a high rate of unemployment will, over time, make growth a challenge,” he said. “St. Lawrence County, which is the largest county in our FOM, is on track to lose 15,839 people over the next 20 years or a decline of 15 percent by 2035. 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 which offer additional opportunity.”
The Plattsburgh area is expected to be growth area for the near future, according to Seacomm.
Earlier this year, Foreign Direct Investment Magazine, a publication of the Financial Times of London, ranked Plattsburgh as the number two Micro American City of the Future,” up from fourth place two years ago, among “micropolitan” cities. Site Selection Magazine has ranked Ogdensburg, Massena and Plattsburgh tied at eighth place for the number of new or expanded corporate projects in the past year, a statement from Seacomm said.
“It is very similar in the demographic makeup of our current markets and we believe SeaComm can be very successful in Clinton County,” Wilson said. “The credit union is positioned for growth. Our retained earnings have continued to keep pace with our asset growth and have an excellent capital position. This expansion will enable our credit union to grow and be financially sustainable into the future.”
SeaComm plan to build a new Plattsburgh retail branch, in tandem with the construction of the Malone branch, which was announced last year. The Malone branch will be moving from the Price Chopper Plaza to purchased property located on Route 11 adjacent to Mo’s Pub and Grill. Both projects have been given to P. W. Campbell of Pittsburgh, Pa., the design-build firm for the Massena headquarters project.
“Local contractors will be extensively utilized for both locations,” a news release from Seacomm said.
SeaComm’s main branch phone number is 764-0566.