Alco FCU, a $47 million-asset credit union located in Wellsville, Allegany County, has been approved for a charter expansion to serve the rural district including the counties of Allegany Cattaraugus, Steuben, Wyoming (New York), and Potter and McKean counties in Pennsylvania, by the NCUA. Previously, Alco FCU served Allegany County.

Mike Miller, Alco CEO, and his team are “very enthusiastic and eager to serve the consumers, communities and local organizations in the rural district,” he said.

“This field of membership expansion gives us the opportunity to grow our membership, deposits and loans, while serving the many unbanked and/or underbanked consumers through the six- county rural district,” Miller said. “Many of the local banks have closed branches and we are ready to step in and serve those customers. We have exciting plans for new products and services to provide low-cost alternatives to traditional local financial institutions.”

The application for the rural district expansion was written by the New York Credit Union Association.