Timeline

Established when teachers from the Wappingers Central school district decided to create an alternative to the banks they had been using. Desiring a financial institution that would provide fair and equitable treatment, they successfully chartered the Wappingers Central Federal Credit Union on April 25, 1969 with the National Credit Union Administration (NCUA). Joyce A. Betros was a Wappingers Teacher and was one of the founding members of the credit union.

Eugene Gumienny, then at Marist College, joined the Board and brought Marist College in with him.

It was projected that by January we would reach the $1Million mark.

Barbara Hogan was the Treasurer in the Dutchess County CSEA Credit Union when NCUA notified them that they could not limit their membership to just CSEA members. As a result, they decided to combine with the Wappingers Central Federal Credit Union which already had a number of local school districts. April – As a result of these two entities joining together, we became the
“Taconic Educational and Governmental Federal Credit Union”, TEG.

May – bought the original Route 9 Building and we began operations September 2nd.

October – instituted No Cost Travelers Checks.

Our 10th Anniversary from our very modest beginnings we had grown to:
3,963 members $3,817,351 Shares $4,914,717 In Assets

Interest-bearing checking (share) Accounts. Credit Unions like TEG pioneered this type of payment programs. Credit Unions began offering them because Congress approved legalizing Share Drafts.

Joseph Prokop was hired as CEO of the Credit Union.

Walter Behrman became a Board Member of TEG. Walter was an Arlington teacher and was on the Board of the Poughkeepsie School Teacher’s Credit Union. Since that Credit Union was very small and not able to offer many services to its members, Walter was instrumental in bringing the Arlington School District employees to TEG. Poughkeepsie remained a small Credit Union and didn’t merge with TEG until the early 2000’s.

March 1st we converted to our own in-house computer.

Opened our 1st branch, in 44 Plaza (now where Mid-Hudson FCU is currently located).

1st TEG Mastercard.

May 11th we officially became just TEG and dropped the Taconic and Educational from our name.

June – Share Accounts earned 6¼ % interest.

September – Share Accounts earned 6½% interest with a Premium Dividend of ¼% and ½%.

Moved from 44 Plaza to our first Tucker Drive Office and we also introduced Debit Cards.

Fall, introduced Plan America, a Credit Union Financial Planning network. It was the forerunner of our current Retirement Advisory Services with Jean Riordan.

We had grown to: $28,943,174 in assets – 13,208 members

Spring, the new more modern, renovated original Fishkill Office was opened.

July 16th we opened the Route 9G, Hyde Park office in Oakridge Plaza.

Instituted the Eagle Logo and the “Instituted the Eagle Logo and the “Proud to Serve” motto.

Instituted Audio Response.

College Center Office opened

Moved from Tucker Drive 1 to Tucker Drive 2 with covered Drive-up.

Because of the Economy we introduced Fees but they were not long lived.

We had grown to: $78,804,69 in assets – 7,143 members

“Do you remember the coming of Y2K and all the angst that created?”

Obtained our Community Charter for Dutchess County, and opened our Beekman and current Hyde Park office.

Surpassed assets of $100 Million.

Expanded our Community Charter to include Dutchess/Orange and Ulster Counties.

Bought the Commerce Street Property, opened the 1st Newburgh Branch at Stewart Plaza.

Introduced eStatements and adopted Blue/Gold as our official colors.

Opened the Commerce Street Property, opened the 1st Newburgh Branch at Stewart Plaza.

Introduced our Indirect Lending Program with local auto dealers.

Started our TEG Scholarship program for three graduating seniors.

In 2012 in recognition of her service it was renamed the TEG Joyce A. Betros Scholarship.

2nd Quarter we began Business Lending.

We had grown to: $159,622,26 – 18,695 members

Opened our Robinson Lane/Hopewell Junction office.

Joe Prokop was transitioning to retirement, and Ron Flaherty who came to TEG in 2000, as VP/CFO, assumed the reins of leadership.

Negotiated an agreement for our (new) current Router 9 office.

Opened that Route 9 Office. The original Route 9 office was reconfigured and it now houses the Solution Center. This is where we have our Call Center, Commercial Loan Department and Digital Channels Departments.

Built and opened our Wallkill, Crystal Run Office.

Won designation as a “Low Income Credit Union”. This designates us as a Credit Union which strives to “serve the underserved” in our community and also eliminates the cap on Business Lending.

We celebrated the 50th anniversary.

We had grown to $303,763,377 – 35,902 members