Proudly Serving Our Members Since 1962

Our History

What is a Credit Union?

Credit unions are not-for-profit financial cooperatives that exist to serve their members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. As member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates. Credit Union earnings are exempt from income tax because it is a not-for-profit organization. All profits, after setting aside a proper amount for reserves, go back to the membership in the form of dividends, lower interest rates on loans, or improved services.

About Spencerport Federal Credit Union

The Spencerport Federal Credit Union was founded in 1962 by a small group of members, and it has grown each year, continually improving its services, through the dedication and volunteer work of many of its members. Originally founded to serve the employees of the Spencerport School District, SFCU was granted a small Community Charter in 2006 and expanded its’ community charter boundaries in 2017 to include those who live, work, worship or attend school in Monroe or Orleans Counties.

Our Board of Directors is elected by the SFCU members at the Credit Union’s Annual Meeting which takes place in June each year. Each adult member present (18 years of age or older) is entitled to one vote regardless of the amount of shares deposited. The board is the governing body, setting policy and coordinating the overall operation of the Credit Union. We have 7 volunteer Board Members, each elected to serve a 3 year term. We have a volunteer Supervisory Committee as well, which performs audit functions and currently consists of 3 people. The annual meeting is an opportunity for SFCU management to inform the membership of the financial condition of the credit union, provide updates on things that have happened in the past year, and share goals and objectives for the future direction of the credit union with the membership.

Your Funds Are Safe With Us

SFCU Federal Credit Union is Safe and Sound. SFCU is insured through the NCUA (National Credit Union Administration) for up to $250,000.00 per account owner. The NCUA is the federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government. You may increase your level of insurance by having accounts across ownership categories that include single accounts, joint accounts, self-directed retirement accounts, and revocable trust accounts.

If you would like to determine how much of your SFCU savings is covered by federal insurance, please visit the NCUA Insurance Calculator.

Supervisory Committee

The Supervisory Committee is a group of volunteers appointed by the Board of Directors. This committee is responsible for protecting members’ funds and interests while ensuring the effectiveness of the internal control structure within the credit union. Volunteers typically serve a 3 year term. The Committee also oversees the internal audit function and engages an independent auditor to do an annual audit/examination of the credit union. If after reporting a problem or concern to a credit union staff member, a member still has an unresolved question or concern about their account, they may contact the Supervisory Committee via one of the following means:

Write to:

  • Spencerport Federal Credit Union
    Supervisory Committee
    PO Box 53
    Spencerport, NY 14559


Please contact the SFCU office at 585-352-6890 for any regular banking matters, not the Supervisory Committee.

External Page Link

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NCUA Insurance Calculator