Lexington Avenue Federal Credit Union officially opened its Joseph Avenue branch Wednesday.
The 762 Joseph Ave. location was formerly home to an HSBC Bank USA N.A. branch. It was closed following First Niagara Financial Group Inc.’s acquisition of HSBC’s retail branch network.
First Niagara donated the property to Lexington Avenue FCU in January.
“This was truly a collaborative effort,” Rochester Mayor Thomas Richards said in a statement.
“The city, together with City Council and the Joseph Avenue Business Association, all worked together to find a way to continue providing city residents in the northeast with essential banking services.”
The branch is Lexington Avenue FCU’s second. Its main branch is at 1275 Lexington Ave.
“Last year, I worked with First Niagara after they acquired HSBC to ensure that our inner-city neighborhoods would continue to be served,” City Council President Lovely Warren said in the statement.
“Today, we cut the ribbon on the Lexington Federal Credit Union, which will allow some of our poorest and underserved residents access to a strong and stable financial institution.”
The credit union was established in 1956 to serve employees of what is now GM Component Holding, officials said. It received a charter expansion in 2002 to include those who live or work in Rochester.
The city provided a $30,000 grant to the credit union to help pay for new equipment.
“We are committed to helping our new neighbors in a way that larger financial institutions simply cannot,” Lexington CEO Charles Casaceli said.
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