First Source Federal Credit Union Announces Charter Conversion

First Source Federal Credit Union announced that following recent approval by the National Credit Union Administration, it has officially converted from a Community Charter to a Multiple
Common Bond Charter.

This strategic conversion allows the Credit Union to expand reach and serve more Members and Communities, through underserved areas, defined employees groups, associations, and other organized
entities through individual common bonds. The conversion allows First Source to serve more Members in Oneida and Herkimer Counties and continue to expand into other areas outside of these two
counties.

“First Source has a rich history dating back to 1938, starting as the Utica Teachers Federal Credit Union. It has evolved its Field of Membership over the years to best support the membership and communities
that it has served”, said John Calabrese, First Source President/CEO. “The decision to convert our charter demonstrates our ongoing commitment to exceptional service of our members, growth, and
sustainability. The new structure strengthens our foundation and positions us for the future, while maintaining our unwavering commitment to our employees, our members, and communities that we
serve. The credit union movement is about people helping people; and this change provides us the opportunity to help more people and communities, both strategically and responsibly.”

The updated designation took effect on March 27, 2026, with no changes to existing member accounts, services, or leadership.

For more information, please contact Katie Ullman at kullman@fsource.org or 315-735-8571.