St. Lawrence FCU expands with two bank branch purchases.
The acquisition of Citizens National Bank’s Hammond and Morristown branches marks a strategic shift for the North Country credit union, even as members recently rejected a larger merger.
St. Lawrence Federal Credit Union, a $252.3 million-asset cooperative based in Ogdensburg, New York, is moving to acquire two branches from Citizens National Bank in a bid to expand its footprint and remain competitive in the state’s far northern communities.
The purchase price was not disclosed.
The deal, which would add locations in Hammond and Morristown, represents a notable pivot for the institution.
Just two years ago, St. Lawrence announced its intention to merge with the much larger SeaComm Federal Credit Union of Massena, a plan ultimately rejected by St. Lawrence’s own members. Now, rather than merging into a bigger institution, the credit union is buying additional branches outright — a trend that has been gaining traction nationally.
Amber Taylor, the chief executive of St. Lawrence FCU, told local news outlets the transaction is designed to strengthen the credit union’s regional presence while ensuring that rural members maintain access to full-service banking.
The acquisition, she said, will allow the cooperative to “provide more financial services to these communities,” including expanded ATM access. Taylor emphasized that the additional locations would help the credit union stay competitive and preserve local service options.
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The agreement has already received unanimous approval from the boards of directors at both St. Lawrence FCU and Citizens National Bank. The deal still requires regulatory approval and a vote from Citizens National Bank shareholders.
If all goes as planned, the transaction could close as early as July of next year. St. Lawrence has committed to retaining the bank employees who currently staff the branches.
The expansion comes during a profitable period for the credit union. St. Lawrence earned nearly $2 million in the first three quarters of 2025, up from $1.6 million during the same period a year earlier. The added scale and deposit base from the new branches could further support growth in the years ahead, assuming the acquisition proceeds smoothly.
Across the country, credit unions have increasingly moved to acquire banks or their branches, citing opportunities to reach new members, enter new markets, or diversify their loan portfolios.
Fourteen such deals have been announced so far this year. Earlier in November, GECU — El Paso’s largest locally owned federal credit union — said it had agreed to buy Bank of the Southwest, a New Mexico-based institution. Other transactions have focused on branch carve-outs: Southern Bank, for example, recently reached a definitive agreement to sell its four Georgia branches to Palmetto Citizens Federal Credit Union.
For St. Lawrence FCU, the purchase of the Citizens National Bank branches is a smaller but significant step toward reshaping the cooperative after members rejected the larger SeaComm merger. Rather than seeking consolidation under a bigger partner, the credit union appears to be leaning into growth on its own terms — one community branch at a time.
