NEW YORK (AP) – An electric cooperative is opening a branch in New York’s Stoughton community, a move that comes as the U.S. government is trying to crack down on the financial industry’s role in climate change.
The New York-based Stoughtons Electric Cooperative is the second co-op in Stoughston to open a branch of its namesake, a community that was devastated by Superstorm Sandy in 2016.
The first co-operative in the Stoughons area, the Stonewall Community Bank, opened in the same town in 2014.
The Stoughs, who are located in Brooklyn, have an annual income of $4,400 and are funded by donations from the local business community.
The bank is owned by the community.
The co-ops have been in business since 1873 and have an average annual income in excess of $20,000, according to the New York State Cooperative Banks Association.
They serve about 2,300 members and pay $9.50 in annual fees.
Stoughton has a population of about 2.6 million, which is about three times larger than New York City.
Its co-optation fee is $6.50, and it pays $2 in taxes to the state.
It has about 30 branches, and there are about 100 full-time employees, according a press release from the New Jersey Cooperative Banks Assn.