IBM layoffs spur groups to seek new blood. (Valley Federal Credit Union coping with IBM's reduction in its work force)

American Banker | January 7, 1994| | Copyright

W.J. Sayres, president of Hudson Valley Federal Credit Union, has resolved to spend 1994 finding ways for the credit union to adapt to the cutbacks at IBM, its primary sponsor.

"This is the biggest challenge I've had to face since I started here" in 1968, said the president of the Poughkeepsie, N.Y.-based credit union. "Nobody ever perceived what would be taking place with the IBM corporation. We've had bad cuts, and we don't know whether there'll be more."

With about $900 million of assets and 102,000 customers, Hudson Valley Federal is the largest credit ...

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