CRANBERRY TWP — Township residents now have a new local banking option.

The grand opening of Allegent Community Federal Credit Union on Wednesday afternoon made sure of that.

“It's our first venture into Butler County,” said CEO Angelo Lucatorto.

Allegent Community Federal Credit Union has four branches in Allegheny County and more than 15,000 members. Officials hope the location in Cranberry Township entices new members and provides accessibility.

Originally known as Allegheny County Government Employee Credit Union, Allegent became a community charter about 10 years ago. That means anyone who lives, works, attends school or worships in Butler or Allegheny counties is eligible to become a member.

Mark Bruno, vice president of lending, said the credit union provides many of the same services as a bank: checking and savings accounts, loans, credits and investments.

“We have lower fees, generally,” Bruno said. “What's in the members' best interest is what's in our best interest.”

Bruno said the advantage of being a community charter — instead of requiring members belong to an organization — is being able to “cast a wider net.”

Allegent secured its Butler charter about five years ago, according to Lucatorto. It took several years to set up shop. But officials knew the building along Haine School Road was perfect the moment they saw it.

“Within a day after seeing it, we knew it was the right location,” Lucatorto said. “We love it in Cranberry.”

Allegent will face plenty of business “peers” in Cranberry Township, according to Lucatorto. But he's confident the credit union will hold its own.

“I think there's just great growth opportunity here,” Lucatorto said. “We're going to be here for the long haul.”

Residents can learn more about Allegent by visiting www.allegentfcu.org.