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1201 Wayne St
Olean, NY 14760

Olean Area Credit Union is headquartered in Olean and is the 41st largest credit union in the state of New York. It is also the 799th largest credit union in the nation. It was established in 1972 and as of March of 2014, it had grown to 49 employees and 19,259 members. Olean Area Credit Union's money market rates are 59% higher than the national average, and it boasts a A+ health rating.

Field of Membership Restrictions

Must live, work, worship or attend school in the City of Olean or the following Cattaraugus County townships: Ellicottville, Franklinville, Lyndon, Ischua, Humphrey, Great Valley, Little Valley, Allegany, Hinsdale, Portville, Olean, Knapp Creek or Weston Mill. Also open to employees of Heritage Cutlery, Inc., a subsidiary of Lunt Silversmiths in Bolivar, New York. - See Details

Reviews (1)

Great Credit Union!

I've been a member for most of my life and I've always been pleased with the service.  I plan to keep my money here in the future. Great rates on auto loans!


That said, there are some improvements that could be made (as of 9/13/10):

1) Interest Rates seem low compared with other credit unions and banks

2) Online banking system works, but could be improved.

3) Incompatible with

4) Poor hours for members who work normal 9-5 jobs (only open from 8:30 to 5:30 M-F)


Data for Q1 2014

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Olean Area Credit Union had $1.36 million in non-current loans and owned real-estate with $32.44 million in equity and loan loss allowances on hand to cover it. This gives Olean Area Credit Union a Texas Ratio of 4.21% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Olean Area Credit Union decreased dramatically from 6.49% as of March 31, 2013 to 4.21% as of March 31, 2014, resulting in a positive change of 35.17%.This indicates that the balance sheet and financial strength for Olean Area Credit Union has improved dramatically in recent periods.

Deposit Growth


In the past year, Olean Area Credit Union has increased its total deposits by $12.88 million, resulting in 6.31% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Olean Area Credit Union has shown is excellent.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Olean Area Credit Union has $250.14 million in assets with $32.44 million in equity, resulting in a capitalization level of 12.97%, which is excellent.

Institution Statistics

NCUA #21083
Year Chartered1972
Primary Regulator
Assets and Liabilities
Assets$250.14 million
Loans$155.09 million
Deposits$217.12 million
Equity Capital$29.76 million
Loan Loss Allowance$2.68 million
Unbacked Noncurrent Loans$1.36 million
Real Estate Owned$5,000
Historic Data - March 2013
Assets$236.03 million
Equity Capital$27.74 million
Loan Loss Allowance$2.64 million
Unbacked Noncurrent Loans$1.36 million
Real Estate Owned$432,000
Profit Margin - Quarterly
Return on Assets1%
Return on Equity8.39%
Interest Income$2.14 million
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Olean Area Credit Union Savings Account Rates

0.75%$50-Variable IRA
0.35%$25k-Secondary Share Savings
0.35%$25k-Primary Savings
0.35%$25k-Christmas Savings
0.35%$25k-Youth Share Savings

Olean Area Credit Union Money Market Rates

0.70%$100k-Money Market

Olean Area Credit Union CD Rates

1.15%$500-60 Month CD
1.10%$500-48-59 Month CD
1.00%$500-36-47 Month CD
1.00%$500-30 Month Special CD
0.75%$500-24-35 Month CD
0.55%$500-13 Month Special CD
0.40%$500-12-23 Month CD
0.35%$500-6-11 Month CD
0.25%$500-2-5 Month CD

Olean Area Credit Union Locations
Branch Office1201 Wayne StOlean, NY 14760
Branch Office206 N Clark StOlean, NY 14760