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St. Lawrence Federal Credit union expanding Ogdensburg office


OGDENSBURG — The St. Lawrence Federal Credit Union is expanding its flagship office in the city, proposing to triple its size with a two-story, 10,944-square-foot addition that will position the bank for future growth.

Chief Executive Officer Todd Mashaw said Friday that the 4,608-square-foot office at 800 Commerce Park Drive that opened in 1990 is out of room owing to “rapid membership growth and much-needed convenience for our membership.”

There’s more to come.

“Our steady growth has continued over the years, and we find ourselves needing to expand once again,” Mr. Mashaw said. “Current space constraints limit our ability to add services, future staff and storage. This expansion allows us to become more efficient in our operations and offer even more great services to our members.”

Pending approval of building plans by the Ogdensburg Planning and Development Board on Nov. 15, ground will be broken in December and construction finished by June 2013.

The addition’s ground floor will accommodate the credit union’s tellers and offices. The rest of the single-story existing building will be renovated for full office use. With corridors currently narrowed by filing cabinets and staffers doubling and tripling up in offices, more room is needed.

“We don’t have enough room for employees now,” Mr. Mashaw said.

The second floor will be kept vacant to accommodate future growth. The office has 19 employees, and additional hiring in the future is possible.

“I know that families are looking for convenience and value now more than ever, so we are positioning our credit union as a one-stop-banking destination,” Mr. Mashaw said. “Our goal is to be the primary financial institution to our current membership and our future members in St. Lawrence County.”

Founded in 1954 for employees of the St. Lawrence State Hospital - now the St. Lawrence Psychiatric Center - and their families, the credit union today has$95.5 million in assets - up 38 percent over the past five years - and is wholly-owned by its more than 10,500 members.

“We have gone full circle once again, Mr. Mashaw said. “Our growth is due to devoted members bringing more and more of their business to us every day. We appreciate their trust and loyalty.”

There are also branches at 333 State St., Ogdensburg, and 11 Court St., Canton, with 12 employees between them.

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