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Rensselaer Union Set To Welcome New Banking Center

After serving the campus community for more than 30 years, the HSBC bank branch located in the Rensselaer Union will close its doors on June 3. Following renovations, SEFCU will open in the late summer. The branch will be open six days a week and staffed by four people. In addition, two SEFCU ATMs will be located in the Union.

“We believe that our greatness is linked to the vitality of the regions in which Rensselaer is located, and we were truly impressed with the fact that SEFCU noted that supporting local neighborhoods is the very heart and soul of the organization.”

The Rensselaer Union is a student-run, self-supporting, and self-governing body that organizes, manages, and finances student activities, so several student leaders, staff from the Rensselaer Union Administration office, and the Division of Finance served on a committee to find a new tenant.

“After careful consideration, we are pleased that SEFCU will serve as the new financial institution for students and the campus community,” said President of the Union Mike Spitz ’11. “HSBC plans to move their operations to the downtown branch, so we wanted a new bank or credit union that would meet the needs of students, faculty, and staff.”

Spitz noted that SEFCU was selected as the institution of choice based on its commitment to its members and the community. According to SEFCU, the individuals they serve are more than just customers; they are members. On a campus with more than 7,000 students, faculty, and staff, this seemed to resonate well with future member needs, according to Union Administration staff involved in the interview process. With a corporate philosophy focused on “Banking with a Purpose,” the group noted that SEFCU is focused on meeting the short- and long-term financial service needs of its members.

In addition, during the interview process, SEFCU stated that their staffers are known to not only deliver world-class service to members, but they also take pride and part in their local community to help build better neighborhoods.

“We are keenly aware of the university’s responsibilities to its nearest neighbors and of the power of collaborative approaches to shared goals,” said Mike McDermott, acting director of the Rensselaer Union. “We believe that our greatness is linked to the vitality of the regions in which Rensselaer is located, and we were truly impressed with the fact that SEFCU noted that supporting local neighborhoods is the very heart and soul of the organization. We are pleased to announce the new partnership with SEFCU, and look forward to the new opportunities that this collaboration will bring.”

In the coming months, more news will be shared with the campus community regarding SEFCU, and the process for opening a new account. Current HSBC members may continue banking with HSBC until June 3. After that date, if they wish to continue banking with HSBC, they will need to visit the branch located in downtown Troy.

Founded more than 75 years ago, today SEFCU has more than 200,000 members. Within the branch network, SEFCU has offices on four campuses in the Capital Region and upstate New York, including the University at Albany, Albany NanoTech, Skidmore College, and the University at Buffalo.

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Inside Rensselaer, Strategic Communications and External Relations
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Inside Rensselaer
Volume 5, Number 8, April 29, 2011
©2010 Rensselaer Polytechnic Institute
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