Sept. 16, 2014
FOR IMMEDIATE RELEASE
ALBANY, N.Y. – CAP COM Federal Credit Union will hold a Ribbon Cutting Ceremony and Open House Celebration for its new Financial Center in Colonie on Thursday, Sept. 18 beginning at 5 p.m.
CAP COM President/CEO Paula A. Stopera will be joined by Colonie Town Supervisor Paula Mahan and BBL President Steve Obermayer at 5:45 p.m. for the official ribbon cutting. Invited guests will also enjoy tours, a wine tasting and entertainment by the New York Players throughout the event.
CAP COM's Financial Center Ribbon Cutting Ceremony
When: Thursday, Sept 18, from 5-7 p.m. with official ribbon cutting at 5:45 p.m.
Where: 4 Winners Circle in Colonie. From Wolf Road, turn onto Marcus Boulevard at the traffic light. CAP COM will be straight ahead.
Who: CAP COM President/CEO Paula A. Stopera, Colonie Town Supervisor Paula Mahan are BBL President Steve Obermayer.
Financial Center Background
CAP COM received unanimous approval from the Town of Colonie Planning Board in April of 2013 to begin building a new Financial Center. The groundbreaking took place that August and construction was completed this summer.
The Financial Center includes a Main Branch and acts as a headquarters for Credit Union subsidiaries including Homeowners Advantage Mortgage Division, Old Heritage Title Agency, CAP COM Financial Services, Car Buyers Service, School Banking Program, College Bound Program and the CAP COM Cares Foundation.
The Financial Center was built on 11 acres of land at 4 Winners Circle, located off Wolf Road next to The Crossings Park. The new three-story building is less than a mile from CAP COM's former Main Office location at 18 Computer Drive East.
"Our new Financial Center symbolizes six decades of growth and a future filled with promise," said Paula Stopera, CAP COM President/CEO. "The credit union has seven divisions and subsidiaries that were previously spread out in four different locations. Bringing those groups together has allowed us to be more effective ambassadors for our members."
CAP COM moved to its Main Office on Computer Drive East in 1988. At that time, the Credit Union had $110 million in assets and 25,000 members. Today, CAP COM has more than $1 billion in assets and its subsidiaries service an additional $1 billion in assets.
CAP COM Milestones (Associated high-res images available upon request)
1953: Charter No. 8658
The newly chartered Capital District Telephone Employees Federal Credit Union accepts 42 applications and $6,901 in deposits at its offices on State Street in Albany.
1969: Membership expansion
Featuring Auto Loans and a membership from Poughkeepsie to Glens Falls, the Credit Union is serving more than 4,000 members from offices on Madison Avenue in Albany.
1978: A move to Wolf Road
The Credit Union moves to new office space near the current Main Office within the Wolf Road retail district.
1984: Capital Communications arrives
After a merger with Gardenway Federal Credit Union, the new name, Capital Communications Federal Credit Union, is adopted. By 1986, the Credit Union begins offering Home Equity Loans and ATM cards.
1989: CAP COM Financial Services debuts
After the Credit Union completes a move to 18 Computer Drive East, CAP COM Financial Services begins offering financial planning, investment brokerage and insurance services to the Credit Union's 25,000 members.
1996: Latham Branch opens
The first satellite branch opens off Century Hill Drive in Latham. The Credit Union website at www.capcomfcu.org is launched.
2003: New charitable Foundation
The CAP COM Cares Foundation is established to support community health and wellness programs; financial literacy and education initiatives; and causes that support children and underprivileged families.
2010: A new era and a familiar name
The Brunswick Branch is constructed as Home Loan options are expanded to include Mortgages. The Credit Union also starting using "CAP COM Federal Credit Union," a name more commonly used by its members.
2012: Reaching the $2 billion mark
The Credit Union reached the $2 billion threshold, including subsidiaries. It now has more than 100,000 members, 9 Capital Region branches and a range of Web and Mobile Banking options.
Today: A new headquarters
CAP COM is now poised for continuous growth at its new headquarters with a Main Branch located on Winners Circle off Wolf Road.