By Ann Donnelly
Saratoga Federal Credit Union is accelerating its expansion beyond Saratoga County, following up on the soft opening of its Gloversville branch with plans for further regional growth.
CEO Don Denofio said the credit union, which in 2025 expanded into Fulton, Montgomery, Warren and Washington counties, is taking a targeted approach to physical branches and other growth strategies.
The credit union quietly opened its Gloversville branch a few weeks ago, with a formal grand opening set for Sept. 24. For Denofio, selecting Gloversville in Fulton County over wealthier markets came down to serving an underserved community.
“We took a look at the four counties we added and took a look at things like housing values, demographics, the income levels, the potential for mortgage activity,” Denofio said. “And the philosophy of being able to help people in a banking desert, so to speak. When it came down to it, I think maybe the board sat back and said, ‘Why would we go there instead of here?’ Because look at Warren County and it’s thriving. And that’s one of the reasons I decided not to go there first”.
Gloversville presents key opportunities for home improvement loans, home equity lines and mortgage refinancing. While residents face high debt loads, home values in Gloversville climbed 30% over two years.
“People are coming in the door feeling as though they’ve got a second chance and it feels great,” Denofio said. “We’ve made some exceptions on loans over the past couple of weeks. We’ve had people just walk in and they got things that they didn’t think they could get anywhere else”.
To establish the branch, Saratoga Federal entered into a lease for a two-lot site featuring a former bank and an adjoining drive-thru ATM facility that had remained vacant for five years. The landlord acquired the property for $300,000, substantially less than the estimated $1.5 million cost to construct a new facility from the ground up. To facilitate the reopening, municipal officials across Gloversville and Johnstown carried out expedited building inspections.
Saratoga Federal hired an all-local, five-person staff. “We put together a team that belongs to the town,” Denofio said. Fulton County native Taran O’Brien handles community outreach, while branch manager Misty, who lives one mile away, previously managed a local KeyBank branch.
Unlike commercial banks that rely on automated scoring systems, Saratoga Federal “looks at different things to underwrite, and that’s that’s where the key is,” says Denofio. He cites a case in which the credit union approved a 5.75% auto loan for a borrower with no credit score. While this may seem risky, delinquencies across the $60 million-asset credit union total just $45,000 across five loans.
Regarding Warren and Washington counties, Denofio explained that Saratoga Federal has not opened standalone physical branches there because shared branch networks, ATMs and digital banking serve members effectively. Denofio notes that shared branching provides a physical presence without building costs, especially with many residents commuting toward Saratoga daily.
Instead of building new branches in those counties, Saratoga Federal may consider mergers with smaller credit unions.
Looking ahead, Denofio revealed that “South Glens Falls is the potential future location that we would be looking at because it really has the criteria that took us to Gloversville.” The Saratoga County village, adjacent to Warren and Washington counties, serves as a key community for residents working and enjoying leisure time in Glens Falls and Saratoga Springs, with easy access to the entire tri-county area.
“Another reason I looked at South Glens Falls is because it’s again a competition thing,” Denofio said. “If you go into Queensbury, be prepared to fight. “We avoid competition at all costs because we have a market that no one else wants,” Denofio said.
He has explored storefronts in South Glens Falls along Route 9, noting that any site must accommodate drive-thru service.
In conclusion, Denofio noted that credit unions under $50 million in assets struggle to compete against multibillion-dollar institutions, making it critical to think outside the box.
“You can’t go head-to-head with them, so you shouldn’t try,” Denofio said. “That’s why we look at it differently”.
More information on Saratoga Federal Credit Union is available at saratogafcu.org.