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We’re excited to share some important news about the future of our credit union: we’ve submitted our application to become a federally chartered credit union through the National Credit Union Administration (NCUA). This decision comes after thoughtful planning by our leadership team and Board of Directors, all with one goal in mind - positioning our credit union for continued growth, flexibility, and long-term success in serving our members and communities.

Rest assured, the heart of who we are isn’t changing. You’ll still enjoy:

The same friendly service from the same local team

Continued federal insurance coverage on your deposits

No changes to your accounts, access, or daily interactions

What will change is our ability to grow and serve new members beyond our current boundaries, opening up new opportunities for innovation and impact.

This charter change requires regulatory review - and most importantly, a vote from our membership. We’ll be sharing more information and answering questions in the weeks ahead to ensure you’re fully informed and comfortable with the process. We truly believe this move will strengthen our credit union and allow us to better serve you, our members and team, now and into the future.

Thank you for your continued trust, support, and dedication to Heritage Financial Credit Union. We look forward to taking this next exciting step - together.

A charter change means that HFCU wants to switch from a state-charter to a federal-charter credit union. The main difference between state-chartered and federally-chartered credit unions lies in who regulates them and what laws they must follow. Currently, HFCU is chartered by the New York State Department of Financial Services (NYSDFS) and is looking for approval to become a federally chartered credit union through the National Credit Union Administration (NCUA).

A federal charter aligns more closely with HFCU’s long-term strategic priorities and supports sustainable growth. We believe, based on our thorough analysis, that converting to a federal charter will allow HFCU to provide the necessary branch location, tools, resources, products and services to members, both current and future.

Date: Monday, January 5, 2026

Time: 6:00 PM until 8:00 PM

Location: Hampton Inn & Suites, 1 Crossroads Ct, Newburgh, NY 12550

Snow Date: a snow date has been reserved for Tuesday, January 6, 2026 from 6:00 PM until 8:00 PM at Hampton Inn & Suites, 1 Crossroads Ct, Newburgh, NY 12550 in the event of inclement weather. Please check heritagefcu.com for updates prior to heading to the meeting.

Note: You are only eligible to vote if you became an HFCU member on or before October 3, 2025.

Why is HFCU changing to a federal charter?

A federal charter aligns more closely with HFCU’s long-term strategic priorities and supports sustainable growth. We believe, based on our thorough analysis, that converting to a federal charter will allow HFCU to provide the necessary tools, resources, products and services to members, both current and future.

What’s the difference between a state and federal charter?

• Federal Charter: Regulated by the National Credit Union Administration (NCUA). • State Charter (NY): Regulated by the New York Department of Financial Services. Both charters provide similar consumer protections and insurance, but a federal charter offers greater consistency and efficiency in regulation and potential for geographic expansion. By converting to a federal charter, we will have regulatory oversight and governance through one regulator, the NCUA.

How will this change affect members?

• No changes will be made to our products and services. • Our legal name will change to Heritage Financial Federal Credit Union. • We will continue to do business as Heritage Financial Credit Union • We will be regulated solely by the NCUA. • If approved, we intend to expand our field of membership to include additional counties.

Will rates and fees change?

No. HFCU will maintain competitive rates and fees. We are always evaluating our rates and fees, but any changes that may come would not be a result of the charter change.

Didn’t HFCU change charter’s recently?

Yes. HFCU changed from a federal to a state charter in 2019. At the time, we believed that it would bring our membership the most benefit through increased flexibility for expansion and growth as the federal charter was more restrictive at the time. However, after thorough re-assessment this year (2025), we believe that operating as a federal charter credit union will provide the most benefit and regulatory consistency to our membership. It will also allow us greater flexibility to expand, especially with our desire to serve Passaic County, NJ and Putnam County, NY.

Why should members support this charter change?

Supporting this charter change will allow for flexibility, enabling better service and future growth. It will also allow us to achieve greater efficiency by reducing regulatory complexity, all without changing the products and services members expect from us.

Do employees or board members benefit personally?

No. No employees or Board Members at HFCU personally benefit from this change.

Are there plans for expansion?

HFCU is always evaluating opportunities to expand service where appropriate. If our charter application is approved, we will be expanding our field of membership to include Passaic County, NJ and Putnam County, NY. However, we are still evaluating the need and timing of having physical branch locations in these counties.

Will there be service interruptions?

No. All services (online and mobile banking, ATMs, branches, debit cards, etc.) will continue without interruption.

Will account numbers, routing numbers, or cards change?

No. All current checks, debit/credit cards, and account details will remain the same.

Will insurance coverage change?

No. Members’ accounts will continue to be insured by the National Credit Union Share Insurance Fund (NCUSIF) administered by the National Credit Union Association (NCUA). Deposits will remain insured up to $250,000 by the NCUA.

Will HFCU members have to approve the change from a state to federal charter?

Yes. As a member-owned institution, the credit union will provide members with an opportunity to approve the charter change at the Special Meeting.

When is the Special Member Meeting?

The meeting will be held on January 5, 2026 at Hampton Inn & Suites, 1 Crossroads Ct., Newburgh, NY 12550 from 6:00 PM-8:00 PM. Please note that we have reserved a snow date of Tuesday, January 6, 2026 at Hampton Inn & Suites, 1 Crossroads Ct., Newburgh, NY 12550 from 6:00 PM-8:00 PM in the event of inclement weather. Please check heritagefcu.com for updates prior to heading to the meeting.

Will there be a member vote and how do I cast my vote?

Yes. Members will receive a notice of Special Meeting along with a Special Ballot and voting instructions in the mail. We strongly encourage you to come to the meeting on January 5, 2026 to cast your vote. Your voice matters! Note that you are only eligible to vote if you became a member of HFCU on or before October 3, 2025. If you became a member after this date, you are not eligible to vote at the Special Meeting.

What does the Board of Directors recommend?

The Board of Directors and HFCU leadership team strongly support the charter change from state to federal as beneficial for members and the Credit Union’s future.

Will the credit union’s name change?

Yes, the legal name will change to Heritage Financial Federal Credit Union (HFFCU), but we will continue doing business as Heritage Financial Credit Union (HFCU). This allows us to keep our website, emails, advertising, business cards, social media, and our logo the same. HFFCU will only be utilized on specific legal documentation.

What if a member moves out of the service area?

Membership remains - once a member, always a member.

Will member voting rights change?

No. Voting rights remain unchanged.

Will there be layoffs?

No layoffs will result from this change.

Do I need to bring a photo ID to vote?

A photo ID is required if you do not bring the ballot that was mailed to you.

What happens if I forget my ballot?

If you forget your ballot, we will have replacement ballots at the Special Meeting for you to fill out to vote. If you do forget your ballot, please ensure that you have photo ID with you.

Am I eligible to vote?

You are eligible to vote if you became a member of HFCU on or before October 3, 2025. If you became a member after this date, you are not eligible to vote at the Special Meeting.

Can someone else drop my ballot off if I am not able to attend the Meeting?

No. Based on our by-laws, if you are voting, you must be in-person to cast your vote. No exceptions will be made.

When will the change occur?

After our application is approved by both the New York State Department of Financial Services (NYSDFS) and National Credit Union Administration (NCUA), and our member vote is in favor of the charter change, the change is expected to take effect in January of 2026.

When will voting results be announced?

Voting results will be announced via email in February as well as in their quarterly statement that is received in early April.

How will members be notified of if the charter change is approved?

Members will be notified via email.

FIND A BRANCH

CONTACT US

HFCU has applied to change from a state charter to a federal charter credit union. See what this means for you!

MESSAGE FROM HFCU LEADERSHIP

WHAT IS A CHARTER CHANGE & WHY IS HFCU PROPOSING TO CHANGE?

SPECIAL MEMBER MEETING & VOTE

FAQS