The New York State Department of Financial Services (DFS), alongside the New York State Comptroller, announced the approval of the Butternut Valley Banking Development District (BDD) under the state’s BDD programme and the placement of USD 35 million in New York State funds at Sidney Federal Credit Union’s (SFCU) Morris branch. The designation makes the branch a BDD location eligible for state deposits intended to expand access to banking services in areas with demonstrated need. The Butternut Valley BDD covers the towns of Butternuts, New Lisbon and Morris and the villages of Gilbertsville and Morris. DFS administers the BDD programme and designates BDDs, while the Comptroller is authorised to place state funds at eligible institutions subject to a DFS recommendation; applications must be submitted by eligible financial institutions in partnership with a local government. The designation is the state’s 58th BDD, and the Comptroller reported that, as of February 13, 2025, state deposits totalled approximately USD 514 million across 13 banking institutions that opened or maintained branches in BDDs.
New York State Department of Financial Services 2026-02-18
New York State Department of Financial Services designates the Butternut Valley Banking Development District as Sidney Federal Credit Union receives USD 35 million in state deposits
The New York State Department of Financial Services and the New York State Comptroller approved the Butternut Valley Banking Development District (BDD), placing USD 35 million at Sidney Federal Credit Union's Morris branch. This designation aims to expand banking access in underserved areas and marks the state's 58th BDD. As of February 2025, state deposits in BDDs total approximately USD 514 million across 13 institutions.