Olean Area Federal Credit Union - Olean, NY

Olean Area Federal Credit Union
1201 Wayne Street
Olean, New York 14760
Telephone:(716) 372-6607
Toll Free: (800) 854-6052
Fax: (716) 373-1973
Email: contactus@oleanfcu.com

Eligibility
Our field of membership shall be limited to those having the following common bond: Persons who live, work, worship, or attend school in the City of Olean, New York and the following Cattaraugus County, New York townships: Ellicottville, Franklinville, Lyndon, Ischua, Humphrey, Great Valley, Little Valley, Allegany, Hinsdale, Portville, Olean, Knapp Creek and Weston Mills. Also, employees of Heritage Cutlery, Inc., a subsidiary of Lunt Silversmiths, who work in Bolivar, New York, are eligible for membership.

Membership eligibility is extended to individuals who are members of an "immediate family or household" of a credit union member. Immediate family is defined as spouse, child, sibling, parent, grandparent, or grandchild and also includes stepparents, stepchildren, stepsiblings, and adoptive relationships. Household is defined as persons living in the same residence maintaining a single economic unit.

Origination and Credit Union Philosophy
Olean Dresser Clark Federal Credit Union was founded in 1972, with the first members being employees of Dresser Clark. In 1981 we were converted to a community charter, which remains today. At that time "Community" was added to our name. By 2000 our field of membership grew to include any person who lives, works, attends school or worships in Olean, Allegany, Ellicottville, Franklinville, Great Valley, Hinsdale, Humphrey, Ischua, Little Valley, Lyndon, Portville, Knapp Creek or Weston Mills and members of their immediate family.

For sentimental reasons "Dresser Clark" continued to be included in our name long after the company ceased to exist. To more accurately reflect our current field of membership, our name was changed to Olean Area Federal Credit Union on February 19, 2002. Although we were very proud of our prior name, a name change was long overdue. Thanks to the support and trust of our members, we continue to provide the same quality financial services to our membership that we have for over 30 years.

We operate two branches located within the city of Olean and have 46 employees. As of December 2007, we have assets in excess of $141 million and service more than 18,000 members. Olean Area Federal Credit Union is currently one of the largest and most respected full-service Credit Unions in Western New York.

Olean Area Federal Credit Union is a not-for-profit, financial cooperative. We are owned and operated by you, our members. For more than thirty years, we have continued to provide excellent member service and financial opportunities for you and your family. From checking accounts to our low rate credit card to first mortgages, Olean Area FCU strives to be your primary financial institution.

Mortgage

Getting or refinancing a mortgage does not have to be a stressful experience. We realize that purchasing a home should be a fun and exciting experience. Find out how easy it can be to obtain a mortgage with your credit union. We offer competitive rates and low closing costs on real estate loans for property. You'll work with the same representative from the time you apply to the time you move into your new home.
Olean Area Federal Credit Union offers the following in-house mortgage products to meet your needs:

First or Second Mortgage
Purchase Money or Refinance
Fixed Annual Percentage Rate
No or Low Closing Costs
Owner-Occupied 1-4 Family Residential Property
Unimproved Land
Non-Owner-Occupied 1-4 Family Residential Property
Pre-qualifications for Purchase Loans
Automatic Loan Payments
Owner-Occupied 1-4 Family Residential Homes

Minimum loan amount of $10,000.00
95% maximum financing
No or low closing cost mortgage available
Non-Owner-Occupied 1-4 Family Residential Homes

Maximum loan amount of $50,000.00
80% maximum financing
Unimproved Land

Maximum Loan Amount of $30,000.00
75% maximum financing