First Source Celebrates 85 Years!

First Source Federal Credit Union is celebrating their 85th Anniversary this year!
Originally founded in 1938 as Utica Teachers Federal Credit Union, the name changed to

First Source in 1992 to better reflect their broad and diverse membership.
First Source was born out of necessity to provide financial services for educators in our area. In the midst of the Depression, teachers found it difficult to secure credit. Eleven teachers applied to the National Credit Union Administration for a credit union charter and Utica Teachers FCU was established. Credit Unions are not-for-profit, financial cooperatives, which are member-owned, and governed by a Board of Directors elected by their Membership. Board Members serve as unpaid volunteers.

From humble beginnings, First Source has grown exponentially, now serving over 60,000 Members with current branches in New Hartford, South Utica, North Utica, Herkimer, and Rome; a Member Care Center, and Online & Mobile banking. Members have access to First Source Interactive ATMs as well as over 30,000 nationwide surcharge-free ATMs. A location in Washington Mills is opening soon. New this year, First Source has launched Video Engagement Technology allowing Members to interact with a live First Source Financial Service Representative that may be at another location. They will also be offering future contactless card payment options for both Business and Consumer credit and debit cards, chat, a redesigned phone experience using enhanced artificial intelligence in some areas, new Interactive ATM locations and continued growth and expansion.

First Source has a unique Community Heroes Consumer Loan Program. A program which was originally launched for mortgages offering rebates and discounts for those that dedicate their lives to serving others, has now expanded to all consumer loans.

To celebrate 85 years, First Source will be conducting many initiatives throughout the year. For their employees, First Source has 2 Employee Appreciation events each year. The first is an 80’s themed event with many surprises to show appreciation for the staff. On May 3rd First Source employees dressed in 80s swag and played 80’s music in the branches. Members can look for special loan rate and deposit dividend rate promotions wrapped around the number “85” this year. Details to be shared during those promotional periods.

For the Community, First Source will be engaging in, “85 Days of Giving” where the organization will perform random acts of kindness for people and businesses in the community. As well, each year in November, First Source participates in, “Giving Tuesday.” Generally, each employee is given $50 to donate to the charity of their choice. This year, in honor of their 85th anniversary, each employee will receive $85 to donate.

“It is truly wonderful to be able to celebrate this milestone with our Employees, Members and our Community,” said Tom Neumann, First Source President and CEO. “In addition, we have a Rome Chamber Business after hours event planned this year as well to continue the celebration. I could not be more proud of our Employees or more appreciative of our Board of Directors who continually put in the effort to make decisions with our Member’s best interest in mind and help First Source and our Community to succeed.”

What sets First Source apart from other financial institutions is their approach to doing business. At their core they want to help members meet their financial goals and improve their lives. They are invested in their members, taking the time to look at the bigger financial and personal picture before offering the best solution for their particular need; with a unique lending philosophy often helping to provide solutions when others aren’t able to fulfill the request. First Source strives to help Members make smart financial decisions and help our community grow and thrive.

First Source believes they have a social responsibility to give back to the communities they serve. In addition to contributing significant dollars, their employees volunteer countless hours to many local organizations. They also provide customized financial education to our community free of charge; working with schools from K-12 and at the collegiate level, as well as businesses and non-profits in order to help our community make smarter financial decisions. They also offer new home buyer seminars and financial wellness reviews with free credit checks.

Connect with First Source and learn more at fsource.org, through Instagram, LinkedIn, Facebook, or Twitter