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Routing Number: 221380457

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Phone Number 518 585 6725

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In the early 1950’s, banks were not really interested in consumer lending. The common belief that “you had to prove you didn’t need the money” in order to get a bank loan was a fact of life for the average worker at International Paper Company’s Ticonderoga Mill. Often the only access to borrowing money would be a high interest rate loan at the local finance company. The inability to save money, which was also a problem, was compounded by the lack of incentive as the small depositor earned little or no interest.

Mill workers decided to investigate the concept of financial cooperatives called credit unions that they had learned of while networking with other International Paper employees throughout New York State. They discovered that they were a not-for-profit financial institution owned by its members and operated for their mutual benefit. In November, 1953 Paul Hayes, President of Local No. 5 of the International Brotherhood of Pulp, Sulphite and Paper Mill worker’s labor union asked for guidance and assistance from the New York State Credit Union League in organizing a federal credit union.

After much groundwork had taken place, the first official step in organizing the credit union took place in January, 1954 when each of nine employees invested $5.00 for one share plus a $25 membership fee generating capital of $47.25. A cashier’s check n the amount of $25.00, payable to the Unites States Treasury Department to cover the expense of investigation and the charter fee, was sent with the organization certificate to Washington, DC. The capital funds balance on hand was $22.25.

The organization certificate was approved in February, 1954 and Charter No. 9219 authorized the birth, under the laws of the United States of America, of Ticonderoga IPCO Federal Credit Union. Through the cooperation of International Paper Company, payroll deduction was made available and the first office space, a part of the employment office, was provided free of charge. The newly elected Board of Directors established a loan limit of $100.00 with minimum repayment of $2.00 per week. A 3% dividend rate was declared on savings for 1954.

We operated as the Ticonderoga IPCO Federal Credit Union, open only to employees of the local mill and members of their families until the early 1970’s. We had grown to around $3 million in assets when the decision was made by the members to change and expand our charter from Occupational to Community. The change was made because many local residents wanted to become members and it made sense economically. Our charter was amended in December, 1976 and our field of membership was changed from the employees of International Paper and their families to those persons and members of their families who reside or are employed in the Towns of Crown Point, Moriah or Ticonderoga.

We then changed our name to Ticonderoga Federal Credit Union and over the ensuing years assimilated other surrounding townships and employment groups as listed in our official field of membership. In 2005 our charter was amended to allow us to provide services to persons who live, work, worship or attend school in, or businesses or legal entities located in Essex County, Washington County or in the Towns of Hague, Horicon and Chester. We continue to grow and offer membership to all who will benefit.

The TFCU opened its first branch in March 2007 in Port Henry, it’s second branch in November 2008 in Elizabethtown, and currently operates three ATM’s located in Ticonderoga, Elizabethtown, and Port Henry.

Our mission statement is: To enhance the lives of our members by offering a full range of convenient and economic services while maintaining financial security.

The volunteers who still provide the direction and management of the credit union will continue to ensure that its run for the benefit of the membership.

1178 NYS Route 9N
Ticonderoga, NY 12883

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