By GREGORY ZELLER //
A borough breakthrough and a first-ever interstate expansion mark new milestones for the intrepid Grumman Hangar 2 Credit Union.
Don’t feel bad if you don’t recognize the name (even if we’re talking about the largest credit union in the Northeast United States). The not-for-profit financial institution – which opened in 1941 to benefit Grumman Aircraft Engineering Corp. employees – has been known since 1994 as Bethpage Federal Credit Union.
And while there’s true value in that brand – BFCU is also the nation’s 15th largest credit union by asset size (roughly $11.9 billion) – the time may be right for another rechristening. Bethpage Federal plans to open five new branches over the next year, including three in Queens and its first ever outside of New York State, in beautiful Cherry Hill, NJ.
The rollouts mark the chain’s first physical expansion since 2020, when BFCU opened in New Hyde Park. Bethpage Federal currently boasts 32 branches, including one in Manhattan’s Chelsea section – its first off Long Island – and 31 spread across Nassau and Suffolk counties.
Linda Armyn: Marching orders.
The new branches also mark the start of a strategic expansion into carefully vetted interstate markets, according to Bethpage Federal Credit Union President and CEO Linda Armyn.
“Branch expansion throughout the tri-state area is a major part of our growth strategy,” Armyn said this week. “We look forward to becoming an active and integral member of each of these distinct and vibrant communities.”
The 33rd branch has, technically, already raised its flag. The new office on Queens Boulevard in Sunnyside soft-opened Sept. 18, with a grand opening celebration scheduled for Oct. 14.
Bethpage Federal’s plans have another branch opening on Atlantic Avenue in Ozone Park later this year, with branches in Forest Hills and Cherry Hill following in early 2024.
A new Long Island branch – located inside Tritec Real Estate’s Station Yards multiuse development in Ronkonkoma – is also in the mix.
Just as each new location was carefully selected, BFCU has made sustainability “a major part of our expansion plan,” according to Armyn.
All lumber, millwork and laminate used in new constructions is UL Greenguard Gold Standard certified, with Georgia-based, bank-focused retail design expert Financial Supermarkets handling installations of custom, prefabricated modular designs.
Far from home: Bethpage Federal’s Manhattan branch is its first off Long Island.
That not only reduces rollout times to a fraction of standard new-construction timetables – about eight weeks per site, according to BFCU – but “provides additional benefits to the communities during and after construction,” Army noted.
“All branches are being built using recycled materials,” she added. “We’re very enthusiastic about creating new spaces that reduce our carbon footprint and allow us to develop a more sustainable environment for our employees, our members and the community.”
Even as it expands its physical footprint around the Greater New York region, the one-time exclusive union of Grumman employees will continue to introduce new online services, pacing what its chief executive frames as a growing post-pandemic demand – and a golden opportunity to introduce BFCU to further potential markets.
“We are thrilled to be growing our virtual branch team, which began during the pandemic to serve all of our members nationwide,” Armyn added. “Our membership is embracing the flexibility of the virtual branch, making it a growing channel.”
