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Overview / Commentary
440-960-6600
2051 Cooper Foster Park Rd
Amherst, OH 44001

Lormet Community Credit Union is headquartered in Amherst and is the 41st largest credit union in the state of Ohio. It is also the 1,162nd largest credit union in the nation. It was established in 1936 and as of December of 2013, it had grown to 43 employees and 18,568 members. Lormet Community Credit Union has a A health rating.

Field of Membership Restrictions

Must live, work, worship or attend school in Lorain County. - See Details

Reviews (1)

They Treat People Right! Always Professional And Well Trained Staff Responds To Questions.

LorMet began in 1936 and had developed into a full service financial institution with 5 locations.  Lormet's board and staff all live in the communities they serve.  They understand professional and timely financial services.  Good credit applicants have car loans approved in minutes.  Nothing but the best here!



Health

Data for Q4 2013

Institution Health

A

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Lormet Community Credit Union had $246,000 in non-current loans and owned real-estate with $16.4 million in equity and loan loss allowances on hand to cover it. This gives Lormet Community Credit Union a Texas Ratio of 1.50% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Lormet Community Credit Union experienced no significant changes from 1.57% as of December 31, 2012 to 1.50% as of December 31, 2013, resulting in a positive change of 4.40%.This indicates that the balance sheet and financial strength for Lormet Community Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
C

In the past year, Lormet Community Credit Union has decreased its total deposits by -$1.49 million, resulting in -1.16% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Lormet Community Credit Union has shown is average.

Capitalization

GRADE:
A

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Lormet Community Credit Union has $144.72 million in assets with $16.4 million in equity, resulting in a capitalization level of 11.33%, which is excellent.

Institution Statistics

Overall
NCUA #24637
Year Chartered1936
Employees43
Primary Regulator
Assets and Liabilities
Assets$144.73 million
Loans$73.60 million
Deposits$127.09 million
Equity Capital$16.20 million
Loan Loss Allowance$209,000
Unbacked Noncurrent Loans$246,000
Real Estate Owned$0
Historic Data - December 2012
Assets$146.87 million
Equity Capital$16.84 million
Loan Loss Allowance$246,000
Unbacked Noncurrent Loans$246,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin3.39%
Return on Assets-0.27%
Return on Equity-2.4%
Interest Income$3.17 million
Rates
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Lormet Community Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.10%--Primary Savings
0.10%--Holiday Savings
0.10%--Vision Savings

Lormet Community Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
1.00%-$3kEverywhere Checking - Qualifying
0.10%--Everywhere Checking - Non Qualifying

Lormet Community Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
0.40%$500-24 Month Share Certificate
0.40%$500-30 Month Share Certificate
0.25%$500-18 Month Share Certificate
0.20%$500-12 Month Share Certificate
0.10%$500-91 Day Share Certificate
0.10%$500-182 Day Share Certificate
0.10%$500-9 Month Share Certificate

Lormet Community Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
0.40%$500-30 Month IRA
0.40%$500-30 Month Roth IRA
0.25%$500-18 Month IRA
0.25%$500-18 Month Roth IRA
0.20%$25-18 Month Variable IRA
0.10%$500-182 Day IRA
0.10%$500-182 Day Roth IRA
Locations


Lormet Community Credit Union Locations
Branch Office49 S Main StOberlin, OH 44074
Branch Office216 N Main StWellington, OH 44090
Branch Office2051 Cooper Foster Park RdAmherst, OH 44001-1208
Branch Office1825 E 28th StLorain, OH 44055
Branch Office230 E Broad StElyria, OH 44035-6432