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Overview / Commentary
877-642-0128
3840 Pearl Rd
Cleveland, OH 44109

Steel Valley Credit Union is headquartered in Cleveland and is the 116st largest credit union in the state of Ohio. It is also the 2,662nd largest credit union in the nation. It was established in 1966 and as of March of 2014, it had grown to 18 employees and 9,360 members. Steel Valley Credit Union has a C+ health rating.

Field of Membership Restrictions

Works at one of our select employee sponsors. Retired from one of our select employee sponsors. Lives and Worships in Cleveland, Lakewood and other community listed in site. - See Details

Reviews (3)

Worst Nightmare From Hell Credit Union I Have Ever Experienced

I believe larry ,curly , and moe have more common sense of how to run a credit union!!!,They cant even get the title transfered right,I wasted multiple trips driving to cleveland, only to find out that I needed to "pay" for a duplicate copy of my title in my own town, because the releasing loan company electronically sends the title to the title office and Steele Valley never had a second power of attorney release signed to take care of that part of the transaction.  (The title office said that that specific loan company "always" does it that way and they should have known that.)  In the mean time I am having to borrow a car to drive to work daily because my 30 day tag expired and I could not get my plates without the title.  My 3 year old could run an office more efficiently.  I wasted a lot of time placing multiple calls only to be ignored, with no answer at all or transferred to another extension leaving a message that was NEVER returned.  The worst is yet to come.  After wasting a month of running around, getting the run around, and paying out more money than I should have had to, I finally got my plates and thought the rest would go as planned.  NOT!!!!!  Now I have received a notice that I have a misse payment and a late fee, when I have direct deposit set up through my employer, which has been taken out faithfully, they are to be deducting the payments automatically, and through their own incompetance, they have NOT paid themselves.  The should be taking out my payments bi-weekly and they are only taking them out monthly, shorting themselves and blaming me and sending me notices of non-payment and late fees. TALK ABOUT STUPIDITY!!!!!  I got this loan to establish credit for myself with this company and now I could be destroying it instead with Steele Valley because of their own stupidity of not paying themselves properly - bi-weekly.  I would not recommend Steele Valley to Satin, this hell would be too much for even him.

Only Putting 1 Star Cuz I Have To To Get It To Post ...Not Worth Even A Point Of A Star

i must say,
steel valley doesn't even earn a half-a-star !
the BIGGEST joke of a place of business.
i started calling them at 9am wen they opened.......got to talk to someone ( other than the operator ) around 3pm.
what a joke !
no one ever answers the %^^$#$# phone.
as soon as i get my two loans paid-off......they can goto hell

Hate Doing Business With Them

I started with this credit union two years ago and this has been the nightmare from hell. I am so happy that my car will no longer be financed by them and I wont have to deal with them any longer. They have the nerve to have home banking, and my account information online has not been updated since December 2013 and I have sent emails, phone calls asking for someone to update my information, no such luck. I called one day to find out the amount I had in my account, and I was given the amount. I tried to use my debit card and it was declined, mind you, I have money in the account. I contacted the credit union to find out what is going on, they said my savings account was overdrawn. I do not understand how does a savings account gets overdrawn, but the checking account isn't. I do not do any transactions with this bank, only transactions were my payments being directed to pay my car payment and paying off a loan. Well since I cannot go online to view my account information, I did not know my loan was paid for and the extra money, I have no clue where it was going. No one will return my phone calls. I have called member services and the manager, and still waiting on a phone call since 10:00 this morning.

I am done with them and will no longer do business with them ever. They are unprofessional, incompetent and I have no clue where they got their workers from.



Health

Data for Q1 2014

Institution Health

C+
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Steel Valley Credit Union has a low asset base.

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Steel Valley Credit Union had $227,000 in non-current loans and owned real-estate with $3.44 million in equity and loan loss allowances on hand to cover it. This gives Steel Valley Credit Union a Texas Ratio of 6.59% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Steel Valley Credit Union decreased dramatically from 12.58% as of March 31, 2013 to 6.59% as of March 31, 2014, resulting in a positive change of 47.59%.This indicates that the balance sheet and financial strength for Steel Valley Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
F

In the past year, Steel Valley Credit Union has decreased its total deposits by -$5.69 million, resulting in -13.92% 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 Steel Valley Credit Union has shown is poor.

Capitalization

GRADE:
C+

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. Steel Valley Credit Union has $37.96 million in assets with $3.44 million in equity, resulting in a capitalization level of 9.07%, which is average.

Institution Statistics

Overall
NCUA #17555
Year Chartered1966
Employees18
Primary Regulator
Assets and Liabilities
Assets$37.96 million
Loans$35.28 million
Deposits$35.19 million
Equity Capital$2.42 million
Loan Loss Allowance$1.03 million
Unbacked Noncurrent Loans$224,000
Real Estate Owned$3,000
Historic Data - March 2013
Assets$44.41 million
Equity Capital$3.15 million
Loan Loss Allowance$413,000
Unbacked Noncurrent Loans$224,000
Real Estate Owned$167,000
Profit Margin - Quarterly
Net Interest Margin2.04%
Return on Assets3.18%
Return on Equity50%
Interest Income$768,000
Rates
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Steel Valley Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.10%$250-Regular Share Account
0.10%$250-Club Account

Steel Valley Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.40%$50k-Money Market Account
0.40%$50k-IRA Money Market Account

Steel Valley Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.56%$500-60 Month CD
1.26%$500-48 Month CD
0.85%$500-36 Month CD
0.60%$500-24 Month CD
0.55%$500-18 Month CD
0.40%$500-12 Month CD
0.30%$500-6 Month CD
0.25%$500-3 Month CD

Steel Valley Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.56%$500-60 Month IRA
1.26%$500-48 Month IRA
0.85%$500-36 Month IRA
0.60%$500-24 Month IRA
0.55%$500-18 Month IRA
0.40%$500-12 Month IRA
0.30%$500-6 Month IRA
0.25%$500-3 Month IRA
Locations


Steel Valley Credit Union Locations
Branch Office2016 McMyler St NWWarren, OH 44485-2615
Branch Office17401 Holland RdBrook Park, OH 44142
Branch Office34900 Lake Shore BlvdEastlake, OH 44095-3575
Branch Office40 Severance CirCleveland Heights, OH 44118-1501
Branch Office3840 Pearl RdCleveland, OH 44109-2751
Branch Office12223 Madison AveLakewood, OH 44107-5029
Branch Office2500 Metrohealth DrCleveland, OH 44109-1900