Credit Unions

Ohio Credit Unions Gain Popularity

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COLUMBUS, OH (October 4, 2018) - Recent studies indicate that increasing numbers of Ohioans are choosing to bank with credit unions; Ohio credit unions served 2.83 million people and provided $177,273,023 in financial benefits in the past year.  

“Every month we track our growth,” Painesville Credit Union CEO Lori Guzzi said. “In the last 12 months, we have grown 250 members. So, we’ve had a steady increase every month in the last year for membership growth. I think part of it is the word is getting out about credit unions.”

“We know our members,” Guzzi added. “We’ve been here for 76 years, so we have had families that have four generations banking with us... I just think that attests to the stability here.”

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GFA Federal Credit Union First to Fund Legalized Marijuana Industry in Massachusetts

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GARDNER, MA (September 17, 2018) - GFA Federal Credit Union will become the first credit union to bank for the newly legalized marijuana industry in Massachusetts.

“When the Commonwealth legalized medicinal and recreational cannabis, we knew the multi-millions generated by this fast-growing industry would soon become a safety issue, if unbanked,” CEO Tina Sbrega said. “Our board of directors recognizes the need to provide banking services for the safety of our citizens in reducing the cash on the streets, and I applaud them for their vision and commitment to providing public safety.”

Read the entire article here.


SBA Study Calls For More Community Banks and Credit Unions

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NEW YORK, NY (February 5, 2018) - A new study by the Small Business Administration finds that small business lending has grown significantly faster at small banks since the 2008 financial crisis, and encourages the establishment of more community banks and credit unions.

“Regulators should take steps to encourage the formation of new community banks, which are specialists in small business lending,” the study recommends.

Credit unions are also highlighted for their impact in the world of small business lending.

“Credit union lending to small businesses has more than doubled from 2008 to 2016, from $30 billion to $60 billion,” the article reports.

Read the entire article here.

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