NEW HARTFORD — GPO Federal Credit Union will expand into a seven-county area, bank officials said in a release.
The credit union will expand from Herkimer and Oneida counties to do business in Madison, Otsego, Fulton, Montgomery and Hamilton counties.
“In receiving this change to our membership charter, GPO will be able to grow its footprint into more rural areas where residents have few banking options,” said GPO CEO and President Nicholas Mayhew.
Currently, GPO operates seven branches in two counties. Initial expansion plans include emphasizing accessibility through online options.
“Unlike other finanical institutions, most of GPO’s products and services are delivered to members at no cost or at a substantially lower cost than other financial institutions,” Mayhew said.
“We have made a commitment to helping members achieve their financial goals and we are not in existence to impose fees or to charge high rates on loans.”
The expansion was approved by GPO’s federal regulator, the National Credit Union Administration, last month.