Nassau Financial Federal Credit Union expands into Suffolk County after NCUA approval
EAST MEADOW, NY (September 26, 2024) — Nassau Financial Federal Credit Union has received approval from the National Credit Union Administration (NCUA) to expand its field of membership to include portions of Suffolk County, New York. With this expansion, Nassau Financial plans to open a new branch in Suffolk County in the fourth quarter of 2025, bringing its personalized financial services to more Long Islanders.
This expansion extends membership eligibility for many Nassau Financial residents and businesses in Suffolk County, increasing access to the credit union’s competitive loan rates, high yield savings accounts, and unique financial products. Previous to this expansion, individuals in Suffolk County were unable to join due to charter restrictions that limited membership to Nassau County.
John T. DeCelle, President and CEO of Nassau Financial, shared his thoughts on the expansion: “This is a significant step forward for us. For years, we’ve heard from residents of Suffolk County who wanted to join our credit union but couldn’t due to our charter limitations. Now, we’re able to say, ‘Welcome!’ Expanding into Suffolk County gives us the opportunity to provide the same exceptional service and financial benefits that our Nassau County members have enjoyed for decades. It’s not just about growing our membership—it’s about deepening our impact and helping even more Long Islanders achieve their financial goals.”
Suffolk County Demographics and Income Data
Suffolk County is home to approximately 1.5 million people, residing in over 490,000 households. The median household income in the county is around $105,000, offering a strong economic foundation for growth. The population is diverse, with approximately 70% identifying as White, 19% as Hispanic or Latino, 9% as Black or African American, and 4% as Asian. This data highlights the tremendous potential for Nassau Financial to expand its services and support local communities with tailored financial products.
Removing Barriers for Suffolk County Residents
Suffolk County residents have long been interested in joining Nassau Financial but were previously turned away due to the credit union’s Nassau-only charter. This expansion changes that, allowing many Suffolk County residents to access Nassau Financial’s comprehensive range of offerings, including low-rate loans, high-yield checking accounts, and products like the BaZing Checking Program.
CUCollaborate’s Role in Securing the Expansion
Nassau Financial partnered with CUCollaborate, a data and analytics CUSO dedicated to helping credit unions maximize growth, impact, and performance through its innovative software products and services. CUCollaborate provided essential support during the written application process, helping Nassau Financial secure NCUA approval for the charter expansion. The
CUCollaborate team’s expertise ensured that the application was thorough, precise, and aligned with both regulatory requirements and Nassau Financial’s strategic goals.
“CUCollaborate’s guidance through the application process was invaluable,” DeCelle noted. “They helped us craft a comprehensive and compelling case for expanding our membership into Suffolk County, which ultimately led to NCUA’s approval.”
“This milestone is a testament to the power of strategic collaboration,” said Sam Brownell, CEO and Founder of CUCollaborate. “By expanding their membership, Nassau Financial can now offer their services to a broader community, driving positive financial impact and economic growth in the region.”
New Branch Opening in Q4 2025
As part of its field of membership expansion, Nassau Financial will be opening a new branch in Suffolk County in the fourth quarter of 2025. This branch will provide local residents with the same trusted financial services Nassau Financial has offered for decades, ensuring that new members experience the benefits of a community-focused, member-owned financial institution.
For more information about membership eligibility and the services available to Suffolk County residents, visit www.nassaufinancial.org.
About Nassau Financial Federal Credit Union
Nassau Financial Federal Credit Union is a member-owned, not-for-profit financial institution serving Long Island since 1936. Focused on providing personalized, community-driven financial solutions, Nassau Financial offers a full range of services, including checking and savings accounts, loans, and investment products for individuals and businesses.
About CUCollaborate
CUCollaborate is a data and analytics CUSO dedicated to helping credit unions maximize growth, impact, and performance through its innovative software products and services. With expertise in Field of Membership, CDFI, Low-Income Designations, Impact Measurement, and more, CUCollaborate empowers credit unions to adapt and succeed for the long term. Learn more at www.cucollaborate.com.
