GenFed Financial

Overview / Commentary
2492 Wedgewood Drive,Suite B
Akron, OH 44312

GenFed Financial is headquartered in Akron and is the 29th largest credit union in the state of Ohio. It is also the 975th largest credit union in the nation. It was established in 1937 and as of March of 2024, it had grown to 81 employees and 24,839 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

Related Posts

Impressive 18-Month & 30-Month Certificate Specials In Ohio - 12/22/2023

Surprised to find this 6% Certificate. Eligible folks in Ohio, Indiana or Illinois may want to consider this 18-month one or the 30-month: 6.00% APY, 18-month, $1,000 min 5.30% APY, 30-month, $1,000 min One catch. It only has private deposit insurance (ASI & ESI)

Reviews (1)

Lacks Federal Insurance

Posted by: |

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


Health Grade Components

NCUA #97106
Year Chartered1937
Primary Regulator
Profit Margin
Return on Assets - YTD0.48%
Return on Equity - YTD3.44%
Annual Interest Income$3.6MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$323.3MM$307.1MM
LoansQ1 2024vs Q1 2023$210.1MM$202MM
DepositsQ1 2024vs Q1 2023$275.4MM$264.8MM
Equity CapitalQ1 2024vs Q1 2023$44.5MM$40.4MM
Loan Loss AllowanceQ1 2024vs Q1 2023$1.1MM$942K
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$785K$987K
Real Estate OwnedQ1 2024vs Q1 2023$63K$0

Rates for GenFed Financial are currently being reviewed.



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