Press-Republican

Business

December 16, 2013

New Dannemora Federal Credit Union offices underway

DFCU will begin move to Town of P'burgh by March

PLATTSBURGH — Work continues on a new operations center for Dannemora Federal Credit Union in the Town of Plattsburgh.

Construction started on the 6,770-square-foot two-story building in September after the plan was approved by the town's Planning Board. 

It is located behind the Credit Union office at 344 Tom Miller Road.

Credit Union Chief Executive Officer Randall Martin said they hope to move in the first part of March.

"We've been working on this for just about a year," he said.

FOUR BRANCHES

The contractor is PW Campbell, based in Pittsburgh. Crews were busy completing the wooden outer shell of the building Wednesday afternoon.

"We bid out to local sub-contractors as much as possible," Martin said.

Dannemora Federal Credit Union has four branches. The others are at 122 New York Road in Plattsburgh, 10 Elm St. in Champlain and 50 State Road in Dannemora.

With 44 employees at present, Martin said, staff was doubled up in some of the offices, which led to the decision for the new operations center. 

The first floor will have offices for him as well as for the chief operating officer, chief financial officer, chief information officer, Risk and Compliance Department, management officer, internal auditor, controller and Accounting Department. There is a centralized business hub, conference room, employee lounge and storage rooms.

COMMUNITY CHARTER

The second floor will remain vacant at first, Martin said, but will gradually be filled as the Credit Union expands during the next five to six years.

The design calls for the new building to look similar to the Tom Miller Road branch, with stone pillars and the same siding and roofing materials.

Dannemora Federal Credit Union is a nonprofit with more than $120 million in assets. It has approximately 14,000 members.

Martin said that, as a nonprofit, it is able to offer higher rates on shares and lower rates on loans. It has paid members a 5 percent bonus on shares and interest paid on loans for the last several years, he said.

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