First New York Federal Credit Union

Retail Bankingfirstnewyork.org

Company typePrivate
Founded1937
HeadquartersAlbany, United States
Headcount51–100
GTM typeB2C
OfferingServices

First New York Federal Credit Union firmographics

Firmographics

Name: First New York Federal Credit Union
Legal name: First New York Federal Credit Union
Website: https://firstnewyork.org
Company type: Private
Founded year: 1937
Operating status: Operating
Headcount range: 51–100 employees
Ownership category
akta.pro rank

First New York Federal Credit Union industry classification

Industry

Product category: Retail Banking
NAICS: Credit Unions (52213)
SIC: Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141)
akta.pro primary industry: Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

Retail banking services
Consumer lending
Mortgage loans
Credit union services
Community banking

Where First New York Federal Credit Union is headquartered

Location

Headquarters

HQ city: Albany
HQ country: United States
HQ region: North America

Offices4 records

Markets served

First New York Federal Credit Union business model

Business model

GTM type: B2C
Offering type: Services
Cost components: Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

Interest Income from Lending: Primary revenue stream from interest charged on loans including auto loans, mortgages, home equity loans/lines of credit, personal loans, credit cards, commercial loans, RV loans, and solar loans. As a not-for-profit credit union, revenues above costs are returned to members through better rates.
Fee Income: Various fees including overdraft fees, ATM fees (though many waived for e-members), wire transfer fees, and other service charges. Some fees are waived for qualifying e-members.
Insurance Products Partnership: Commissions from TruStage insurance partnerships offering auto insurance, home coverage, life insurance, and AD&D insurance to members
Investment Services Partnership: Revenue from Cetera Investment Services partnership providing retirement planning, education funding, insurance planning, and investment planning services to members through First New York Retirement & Investment Services program
Extended Warranty Products: Revenue from extended auto warranties offered through Auto Exam partnership for new and used vehicles

Pricing tiers

Model	Billing	Price
Subscription	Monthly	Personal Loan rates range from 8.99% to 10.24% APR depending on term
Subscription	Monthly	New Auto Loan APR as low as 3.99%
Subscription	Monthly	Home Equity Line of Credit APR as low as 3.49%
Subscription	Annual	Share Certificate 15-month special at 3.80% APY
Subscription	Monthly	Visa Credit Card promotional APR of 4.99%
Subscription	Monthly	Share Secured Loan rate is 3% above share dividend rate
Subscription	Monthly	Cashline Overdraft Protection up to $5,000 maximum

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

First New York Federal Credit Union product offering

Product offering

Core offering

First New York Federal Credit Union is a member-owned, not-for-profit federal credit union founded in 1937 that provides personal banking, lending, and business banking services to consumers and small businesses in New York's Capital Region. It offers checking and savings accounts, credit cards, mortgages, home equity loans, auto loans, personal loans, commercial loans, RV and solar loans, and partners to provide insurance and retirement/investment services. Members access services through 8 branches, 3 ITM kiosks, the CO-OP network, and the My First New York digital banking platform with mobile app.

Product overview

First New York Federal Credit Union offers a comprehensive suite of financial products and services through its digital banking platform, My First New York. The core banking offerings include checking and savings accounts (including KIDS Banking for minors), while the lending portfolio encompasses auto loans with the Easy Drive lease-like program, Visa credit cards, home equity loans and HELOCs, mortgages, personal loans, commercial loans, RV loans, and solar loans. Protection products include auto insurance, gap insurance, extended warranties, home coverage, life and AD&D insurance, and debt protection through TruStage and Auto Exam partnerships. Additional services include retirement and investment services through Cetera, identity protection (IDProtect), Voice ID authentication, Financial Wellness Check, and a community room facility. The digital banking platform supports Apple Pay, Google Pay, and Samsung Pay digital wallets, provides mobile check deposit, real-time card tracking, and access to the CO-OP network of 30,000+ ATMs. The e-member program offers exclusive benefits including free ATM transactions, CARFAX reports, and overdraft fee waivers.

Differentiator

Problem solved

Functional benefit

Products and services

Checking Accounts Transaction accounts (All Access or Choice options) offering no hidden fees, dividend earnings, and 24/7 online and mobile access for individual members.
Savings Accounts Savings accounts including KIDS Savings (requires $2 to open for minors) with access to exclusive KIDS Banking events and contests.
Share Certificates Certificate savings accounts with competitive rates and various term options, including a 15-month special at 3.80% APY.
KIDS Banking Banking program for kids and teens offering savings accounts with $2 minimum opening, exclusive events, contests, teen debit cards, and first credit cards for ages 18+.
Auto Loans New and used auto loans and auto refinancing with rates as low as 3.99% APR for qualified buyers purchasing vehicles.
Easy Drive Auto Loan Program Lease-like auto loan program where members own the vehicle from day one with lower payments and flexible terms up to 72 months.
Visa Credit Cards Visa credit cards featuring no annual fee, 25-day interest-free grace period, 4.99% promotional APR, ScoreCard Bonus Point Program (1 point per dollar), and Visa Purchase Alerts for fraud monitoring.
Home Equity Loans Lump sum home equity loans allowing members to borrow up to 90% of home value (up to $802,650), with lower fixed interest rates and potential tax deductibility.
Home Equity Lines of Credit (HELOC) Revolving credit lines secured by home equity with rates as low as 3.49% APR, providing flexible access to funds during a draw period.
Mortgages Mortgage products for first-time home buyers and refinancing, offered through the credit union's lending services.
Personal Loans Personal loans up to $25,000 with repayment terms up to 5 years, minimum loan of $500, 0.25% APR discount for automatic payments, available for vacations, weddings, home remodeling, and other expenses.
Commercial Loans Business and commercial lending products for business owners and commercial entities in the Capital Region.
Recreational Vehicle (RV) Loans Loans for recreational vehicles including new and pre-owned RVs with competitive rates and flexible terms.
Solar Loans Solar financing loans working with the member's chosen solar supplier, condensing all costs into one loan with simplified process.
Share Secured Loans Secured loans using share savings account balance as collateral, with interest rate 3% above share dividend rate, terms up to 10 years.
Cashline Overdraft Protection Overdraft protection line of credit up to $5,000 maximum with variable rate based on Prime Rate, shielding members from overdraft and returned check fees.

Quantifiable outcome

Members voted First New York Best Credit Union for 4 consecutive years
+2 more outcomes

Companies that use First New York Federal Credit Union

Customer profile

Named customers5 records

Segments4 records

Ideal customer profiles2 records

First New York Federal Credit Union technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Integration9 records

Feature5 records

First New York Federal Credit Union partnerships and signals

Strategic signal

Partnerships

Five partnerships are on record, tiered core.

TruStagecoreStrategic or Co-development PartnerPartnership with TruStage for insurance products including auto insurance, home coverage (homeowners, condos, renters), life insurance, and AD&D insurance. TruStage provides customized coverage options tailored to member budgets and needs.
Cetera Investment ServicescoreStrategic or Co-development PartnerCetera Investment Services provides the infrastructure for First New York Retirement & Investment Services program, offering retirement planning, education funding, insurance planning, investment planning, and tax-advantaged investment planning to members. Securities and advisory services offered through Cetera Investment Services LLC, member FINRA/SIPC.
Auto ExamcoreTechnology or IntegrationAuto Exam provides extended warranty/vehicle service contract options for new and used vehicles. Offers bumper-to-bumper coverage up to 8 years/125,000 miles, accepted at most repair shops nationwide, with claims paid directly to dealers.
CO-OP Financial ServicescoreChannel Partner/ Reseller/ DistributorCO-OP network provides First New York members access to 30,000+ ATMs and 5,550 branches nationwide, extending the credit union's reach far beyond its physical branch footprint in the Capital Region.
VisacoreTechnology or IntegrationVisa provides credit and debit card network services. First New York offers Visa Credit Cards and Visa Debit Cards with features including tap-to-pay, purchase alerts, digital wallet integration, ScoreCard Bonus Points, and fraud protection.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

First New York Federal Credit Union competitors and assessment

Company assessment

Direct peers

Empower Federal Credit Union: A New York community federal credit union headquartered in Syracuse serving members across Upstate NY with checking, savings, lending, and digital banking. Directly comparable in scale, model, and product set.
Connexus Credit Union: A national digital-first federal credit union offering consumer banking, lending, and digital experiences without geographic constraints. Comparable in product set and digital strategy, but operates at much larger scale.
Tompkins Community Bank: A New York-based community bank serving Upstate NY markets with consumer and business banking, lending, and wealth services. Comparable community-focused model and regional footprint, though organized as a bank rather than credit union.
Alliant Credit Union: A large national federal credit union offering consumer banking, lending, credit cards, and digital services. Comparable in product breadth and member-owned model, but with a much larger national member base.
CAP COM Federal Credit Union: A New York community federal credit union serving the Capital Region and beyond, with a comparable suite of consumer and business banking, lending, and digital services. Directly comparable in mission, membership model, and product breadth.
Bethpage Federal Credit Union: A larger New York-based federal credit union with a similar full-service offering including branches, digital banking, and a broad lending portfolio. Provides a relevant scale-up comparison for First New York's strategic trajectory.
Hudson Valley Federal Credit Union: A New York community federal credit union serving the Hudson Valley with consumer banking, lending, mortgages, and digital services. Similar scale, member-owned structure, and product portfolio make it a directly comparable peer.
Broadview Federal Credit Union: Formed via the merger of SEFCU and other Capital Region credit unions, Broadview is the dominant community credit union in First New York's primary market with overlapping branch geography, member base, and product offering. Closest direct competitor.

Broad incumbents

Community Bank System: A NYSE-listed Upstate NY community bank holding company with consumer and commercial banking across the same regional footprint. Competes for similar deposit and lending customers but as a multi-state, publicly traded commercial bank.
NBT Bank: A regional commercial bank with significant Upstate NY presence offering consumer and commercial banking, lending, and wealth management. Competes for the same consumer base but with a broader, multi-state portfolio and a for-profit model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

First New York Federal Credit Union compliance and trust

Trust signal

Compliance1 record

First New York Federal Credit Union financial estimates

Financial estimate

Revenue estimate

Valuation estimate

First New York Federal Credit Union leadership team

Management profile

Number of profiles

Profiles3 records

First New York Federal Credit Union funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

First New York Federal Credit Union M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First New York Federal Credit Union

What does First New York Federal Credit Union do?

Is First New York Federal Credit Union a public or private company?

First New York Federal Credit Union is a private company. It is classified as nonprofit foundation owned and is currently operating.

When was First New York Federal Credit Union founded?

First New York Federal Credit Union was founded in 1937. It employs 51 to 100 people.

Where is First New York Federal Credit Union based?

First New York Federal Credit Union is headquartered in Albany, United States, in the North America region.

How does First New York Federal Credit Union make money?

Five revenue lines are on record. Interest Income from Lending is the primary driver. The others are fee Income, insurance Products Partnership, investment Services Partnership and extended Warranty Products.

Who are First New York Federal Credit Union's main competitors?

Direct peers on record are Empower Federal Credit Union, Connexus Credit Union, Tompkins Community Bank, Alliant Credit Union, CAP COM Federal Credit Union, Bethpage Federal Credit Union, Hudson Valley Federal Credit Union and Broadview Federal Credit Union. Broad incumbents are Community Bank System and NBT Bank.

Does First New York Federal Credit Union have an API?

No public API is recorded for First New York Federal Credit Union.

What industry is First New York Federal Credit Union in?

First New York Federal Credit Union's product category is Retail Banking. Its primary akta.pro industry code is FSABAEAA, Community Credit Unions (Retail/Consumer Focus). Its NAICS code is 52213 and its SIC code is 6035.