Eligibility
Our field of membership shall be limited to those having the following common bond: Persons who live, work, worship, or attend school in the City of Olean, New York and the following Cattaraugus County, New York townships: Ellicottville, Franklinville, Lyndon, Ischua, Humphrey, Great Valley, Little Valley, Allegany, Hinsdale, Portville, Olean, Knapp Creek and Weston Mills. Also, employees of Heritage Cutlery, Inc., a subsidiary of Lunt Silversmiths, who work in Bolivar, New York, are eligible for membership.

Membership eligibility is extended to individuals who are members of an "immediate family or household" of a credit union member. Immediate family is defined as spouse, child, sibling, parent, grandparent, or grandchild and also includes stepparents, stepchildren, stepsiblings, and adoptive relationships. Household is defined as persons living in the same residence maintaining a single economic unit.

How to Join
Stop in to either of our two branch locations during normal business hours and please bring proper identification.

What is a Credit Union
A credit union is a "non-profit, financial cooperative" where members pool their resources to provide themselves with financial services at a reasonable cost. It is this non-profit structure that sets credit unions apart from banks. A credit union is member-oriented rather than profit-oriented. When you join a credit union, you become a member and part owner. You share in the credit union's "profits" in the form of low-cost services, dividend distributions and favorable loan rates. A credit union's board of directors serves on a voluntary basis and is democratically elected by the membership.

Today, credit unions still hold firm to their original definition: a non-profit, financial cooperative formed for the purpose of encouraging thrift among its members, creating a source of credit at fair and reasonable rates of interest, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. This definition is summarized in the credit union motto:

Origination and Credit Union Philosophy
Olean Dresser Clark Federal Credit Union was founded in 1972, with the first members being employees of Dresser Clark. In 1981 we were converted to a community charter, which remains today. At that time "Community" was added to our name. By 2000 our field of membership grew to include any person who lives, works, attends school or worships in Olean, Allegany, Ellicottville, Franklinville, Great Valley, Hinsdale, Humphrey, Ischua, Little Valley, Lyndon, Portville, Knapp Creek or Weston Mills and members of their immediate family.

For sentimental reasons "Dresser Clark" continued to be included in our name long after the company ceased to exist. To more accurately reflect our current field of membership, our name was changed to Olean Area Federal Credit Union on February 19, 2002. Although we were very proud of our prior name, a name change was long overdue. Thanks to the support and trust of our members, we continue to provide the same quality financial services to our membership that we have for over 30 years.

We operate two branches located within the city of Olean and have 46 employees. As of December 2007, we have assets in excess of $141 million and service more than 18,000 members. Olean Area Federal Credit Union is currently one of the largest and most respected full-service Credit Unions in Western New York.

Olean Area Federal Credit Union is a not-for-profit, financial cooperative. We are owned and operated by you, our members. For more than thirty years, we have continued to provide excellent member service and financial opportunities for you and your family. From checking accounts to our low rate credit card to first mortgages, Olean Area FCU strives to be your primary financial institution.