Dinowitz and Banks Chairwoman Nolan Applaud New Credit Union in Riverdale

July 31, 2005
Assemblyman Jeffrey Dinowitz and Assemblywoman Catherine Nolan announced their support of the efforts of Association of Riverdale Cooperatives (ARC) and Skyline Federal Credit Union to bring Credit Union services to Riverdale. Representing nearly 100 co-op boards, which includes 13,000 apartments, ARC took advantage of Skyline’s $40 million in assets and history of integrity and experience.

Assemblyman Dinowitz has been an avid supporter of ARC and believes this new partnership will make Riverdale a stronger community financially. As Chair of the Assembly Committee on Banks, Assemblywoman Nolan has been advocating for this type of credit union model used by ARC and Skyline Credit Union. The model represents smart business. The credit union provides the valuable service of offering loans and savings products at competitive rates due in part to credit unions having tax exempt status at the city, state and federal levels.

This groundbreaking partnership will allow Co-op Boards in the Riverdale area to decide if they want to offer the added benefit of credit union membership to their residents. If a building’s Co-op Board decides participate, individual co-op or condo shareholders automatically become eligible to join the credit union. The benefit to those members is higher dividends on savings and access to competitive rates on personal loans, credit cards, auto loans, co-op loans and mortgages. Moreover, there is no cost or liability involved for a co-op association to offer credit union membership to its residents.

Skyline has also agreed to work with the individual building associations to help them obtain loans for costly construction projects. At the recent annual meeting of the Association of Riverdale Cooperatives, Skyline’s CEO, Richard Rivas, announced the credit union’s intention to begin servicing its Riverdale members with ATMs and Internet based Kiosks, placed in various Riverdale cooperative buildings. Mr. Rivas also stated that Skyline is planning on placing a full service branch in a location convenient to all Riverdale residents, and that the credit union’s management would ultimately like to establish a network of branches in the community. A special “kick-off” event is planned for Saturday, October 1st at 1:30 p.m. It will be held on the grounds of Skyview-on-the-Hudson, 5701 Arlington Avenue in Riverdale. Skyview is the first of many Riverdale buildings to support this partnership.

“The new credit union branch of Skyline will be a tremendous asset for Riverdale and will provide a powerful service to its residents. I applaud ARC’s vision and persistence; without either this new credit union opportunity in Riverdale would never have happened. It’s also another mechanism to build community and to make our neighborhood even stronger,” said Assemblyman Jeffrey Dinowitz.

Assemblywoman Catherine Nolan said, “As Chair of the Banking Committee I have had the pleasure of working together with Credit Unions, like Skyline, to develop innovative mechanisms for providing financial services to communities. My efforts as Chair have centered on ensuring that credible, consumer friendly financial services are available in all of New York’s communities. I am thrilled by the culmination of this partnership and excited for its valuable contribution to the residents of Riverdale. ARC and Skyline are to be commended for their work on this important venture. I look forward to continuing to encourage these kinds of partnerships and hope to replicate its success in other communities throughout the state.”