Credit unions expand locally, nationwide

Branch openings, for banks and credit unions, may seem counter-intuitive in a world of electronic banking. But just as banks add branches, credit unions are expanding, growing by brick and mortar and members and leveraging a cooperative approach that makes nationwide expansion easier, and faster, than you might expect.

Teachers Federal Credit Union, one of the largest credit unions in the nation with $9.9 billion in assets and more than 467,000 members nationwide, for instance, recently opened a branch in Naples, Florida.

“Teachers is more than a financial institution,” TFCU President and CEO Brad Calhoun said of that expansion. “It’s an extension of the communities we serve.”

FourLeaf Federal Credit Union, formerly Bethpage Federal Credit Union, a few months ago opened its 35th branch and first outside New York State, in Cherry Hill, New Jersey.

“We are so excited to continue our expansion into new markets,” CEO and President Linda Armyn said.

CREDIT UNION BOOM

Long Island credit unions are growing, serving more and bigger communities, sometimes rebranding to indicate a reach far beyond their origins, opening branches in and out of state and otherwise becoming bigger financial forces and resources.

Rebrands reflect credit unions’ changing roles, going from once typically small organizations focused on serving narrow constituencies, to charters that let them serve a far wider range of members.

Westbury-based Nassau Educators Federal Credit Union rebranded in 2019 as Jovia, growing in terms of members and dollars.

Jovia is among the nation’s top 100 credit unions with over $4.5 billion in assets, over 230,000 members and 22 branches.

Jovia Financial Credit Union Chief Revenue Officer and Chief Lending Officer Casey Mauldin said the nonprofit changed its name after an “extensive brand and market study.

NEFCU or Nassau Educators Federal Credit Union, he said, did not truly represent “who we serve.”

“We had expanded beyond Nassau County in 2010 and serve members from all areas and professions,” Mauldin said. “Since rebranding as Jovia in 2019, we have accomplished in just six years what took decades under our previous brand, achieving significant increases in both aided and unaided brand awareness metrics.”

FourLeaf, which in March rebranded from Bethpage after more than 80 years with origins as Grumman employees’, retirees’  and their families’ credit union, said as the biggest credit union in the Northeast it felt a new name was in order.

“The new name, FourLeaf, represents the credit union’s commitment to community, prosperity, innovation and purpose,” the credit union said.

Teachers Federal Credit Union, while it has teachers in the name, has expanded to serve the general public.

“What started as a smart solution for teachers is now smart for all,” TFCU, founded in 1952 to serve teachers, indicated after growing to 31 branches.

COOPERATIVE CLOUT

Credit unions in general, are growing as well by giving members access to a shared network of branches that lets them virtually leap frog from local to national.

A wide range of credit unions participate in the CO-OP Shared Branching network, letting its members conduct transactions at over 5,400 credit union service centers nationwide.

FourLeaf points out that the Co-op network also gives members access to more than 30,000 surcharge-free ATMs nationwide.

Credit unions are improving and rolling out new technology to serve their members at branches and electronically.

“Like other financial institutions, Jovia encounters similar industry-wide challenges,” Mauldin said. “To address this, we have created specialized internal systems, processes, and platforms that enable us to respond swiftly to emerging issues while maintaining clear communication and high satisfaction levels among our members and employees.”

WORKPLACE WINNERS

As they grow, credit unions are working hard to be good places to work. Jovia has won numerous awards as a good place to work. And FourLeaf Federal Credit Union, which employs about 1,000, was awarded Gold in the Magnetic Culture category at Quantum Workplace’s 2025 Employee Voice Awards.

“Our people are what make our culture magnetic,” Armyn said in a written statement. “We work together, innovate together, and serve our communities together.”

FourLeaf ranked 11 among midsize companies this year in Fortune’s “Best Workplaces in New York with 92% of its employees describing it as a great place to work, higher than the U.S. average of 57%.

Employees cited a strong commitment to professional development, volunteerism, social engagement, and a supportive atmosphere.

“FourLeaf has built a culture where people feel seen, supported and empowered,” Quantum Workplace Chief Customer Officer Cindi Foster said.

FourLeaf created employee resource groups such as Brilliance (women’s empowerment), Multicultural Mosaic, and Prism (LGBTQ+). It also invests in learning programs, hosts events like beach volleyball, an annual pet adoption and food drive, and Hawaiian luaus. And FourLeaf is seeing growth.

Its retention rate grew to 91.3% in 2024 as turnover dropped from 12.1% to 9.8% and promotion rates climbed to 16.9%. Those who recommend working at FourLeaf increased from 86.2% to 89.0%.

GIVING AT THE OFFICE

Credit unions also contribute to communities. TFCU, for instance, in 2024 contributed over $1.1 million to 105 nonprofit organizations nationwide.

FourLeaf employees raised and donated about $2 million to local causes in 2024, hosted over 150 financial education seminars, and volunteered more than 4,000 hours. Holidays are the peak season for helping.

FourLeaf, through its turkey drive, donates more than 4,000 turkeys and Thanksgiving dinners to Island Harvest annually.

And credit unions support the community, while marketing to grow membership, as major sponsors. Take the annual FourLeaf Air Show at Jones Beach as one example.

Credit unions are nonprofits that say they are driven by mission, more than money. As they see it, growth lets them pass on financial benefits to more members.

“As a credit union, we believe banking is more than just about numbers,” FourLeaf Chief Deposit Officer Emilio Cooper has said. “As a credit union, we believe banking is more than just about numbers. We truly want to help members with great rates, low fees, and innovative services to help them achieve their financial goals.”