This page is intended to provide information (not endorsements) about local banks and credit unions to help you move your money from huge economy-crashing zombie banks to those that respect you as a person. Please click on the links to go to their websites and read up on the services offered by each.
Here is a nutshell explanation of the difference between credit unions and banks.
Credit Unions vs. Banks
Credit Unions are not-for-profit organizations offering a wide array of financial services and they are owned by their membership. As a member/owner, you have the right to both vote and run for the Board of Directors. You get only one vote regardless of how much money you have at the credit union and all directors are volunteers and receive no compensation for their service.
Banks are for-profit financial corporations who conduct business to maximize the price of its stock and profit for stockholders. Bank directors, elected by stockholders, are paid and legally bound to make decisions that benefit the stockholders, not the customer. Customers don’t have voting rights and have no authority in the overall governance of their bank.
Community Banks are those that are locally owned and operated and tend to focus on the needs of businesses and families in the area that they serve. Sometimes they are sold to larger banks, however, and operated by people with no ties to the community.
In the United States, community banks are defined as independent banks and savings institutions and bank and savings institution holding companies with aggregate assets less than $1 billion. Some of the banks listed here have assets that exceed that limit. However, I have included them because they are at least headquarted within the region and are a far cry from the monster banks that you should be running from as fast as you possibly can.
Southern Chautauqua Federal Credit Union
Offices: Lakewood, Cherry Creek, Clymer, JCC, and Westfield
Membership field: “people who live, work, worship, attend school, do business and any other entities within Chautauqua County, New York"
Greater Chautauqua Federal Credit Union
Offices in Jamestown, Falconer, Mayville, and Dunkirk
Membership eligibility info
Jamestown Area Community Federal Credit Union
Offices: Jamestown, Lakewood, Randolph, Frewsburg, Panama
Membership: "People who live, work, volunteer, worship, or go to school in the city of Jamestown or one of 22 towns in southern Chautauqua and Cattaraugus Counties"
See list
Affinity One Federal Credit Union
Office location: Jamestown
Membership:persons who live, work, worship, or attend school in, and businesses and other legal entities located in our service area. See list
Lake Shore Savings
Locations: Dunkirk, Depew,E. Amherst, Fredonia, Hamburg, Jamestown, Kenmore,Orchard Park, W. Ellicott, Westfield
Northwest Savings Bank
169 locations in 4 states
Five Star Bank
50 locations in western NY
Community Bank
Headquartered in Dewitt, NY, branches in NY and PA