GenFed Financial is headquartered in Akron and is the 29th largest credit union in the state of Ohio. It is also the 967th largest credit union in the nation. It was established in 1937 and as of June of 2024, it had grown to 81 employees and 24,937 members at 11 locations. GenFed Financial has an A+ health rating.
Field of Membership Restrictions
Membership in GenFed Financial is open to or volunteer in the Ohio counties of Erie, Lorain, Medina, Paulding, Summit, or Williams, or in the Illinois counties of Clinton, Jefferson, or Marion. Membership is also available to those who live or work in Shelby County, Indiana. Those who live, work, worship, or attend school in the Ohio counties of Cuyahoga, Defiance, or Portage also qualify.
See current membership details
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Lacks Federal Insurance
On GenFed web site each account says i is insured by American Share Insurance nothing to do with insurance by the federal government if the U.S.That seems like a red flag to me
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 97106 |
| Year Chartered | 1937 |
| Employees | 81 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.76% |
| Return on Equity - YTD | 5.39% |
| Annual Interest Income | $7.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $325.5MM$301.3MM |
| Loans | Q2 2024vs Q2 2023 | $211.4MM$206.7MM |
| Deposits | Q2 2024vs Q2 2023 | $276.4MM$258.1MM |
| Equity Capital | Q2 2024vs Q2 2023 | $45.5MM$41.1MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $1.1MM$974K |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $812K$1MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |
