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Lake County Educational Federal Credit Union

Popular Accounts at this Credit Union

0.50%5-year CD60 Month Share Certificate
0.10%1-year CD12 Month Share Certificate
0.03%SavingsRegular Share Savings Account

Overview / Commentary
1595 Mentor Ave
Painesville, OH 44077

Lake County Educational Federal Credit Union is headquartered in Painesville and is the 154th largest credit union in the state of Ohio. It is also the 3,349th largest credit union in the nation. It was established in 1995 and as of September of 2017, it had grown to 3 employees and 2,654 members at 1 location. Lake County Educational Federal Credit Union has a B health rating.

Field of Membership Restrictions

Membership is open to employees of Painesville Township, Madison, Fairport Harbor, Perry, Auburn Vocational and Kirtland school districts. The private schools of Phillips-Osborne, MacKenzie Memorial Public Library and Our Shepherd Lutheran School, students of Painesville Township, Auburn Vocational, and Fairport Harbor school districts, students and staff of Brown Aveda Institute, or employees of Ladies and Gentlemen Spa and Salon of Mentor.
See current membership details

Reviews (1)

Teacher's Credit Union

Posted by: kozinga | May 6, 2014

My husband and I joined the Lake County Educational Federal Credit Union (LCEFCU) about three years ago. We were looking for a credit union as opposed to a large national bank where we knew we could receive personal attention with a small town feel but in the suburbs. We choose LCEFCU, as it came highly recommended from our colleagues. We switched to a federal credit union after receiving high interest rate quotes for a car loan from our previous national bank and we wanted to make our money work for us. Also, LCEFCU offered a higher return on our saving account percentage and CDs, at the time. Over the years, we have been more than pleased with our service at LCEFCU. The tellers offer a personal service to our family as they worked with us to get a low loan rate for our vehicle. When I deposit or withdraw money, the teller knows my name (several different tellers) and often ask questions about my children. They offer a personal touch to banking. By knowing my name and face, I have confidence in the credit union against fraud on my behalf. Plus, they always provide treats for my children. The credit union is involved in the community by offering seminars on smart financial banking and they offer fundraisers opportunities for community programs. I can complete all my banking online and there are no annual fees. Often times I will receive a "bonus" in my checking account for having my business with them. I love having ownership of my bank and having a voice, as the credit union is owned by the members. They also offer their members discounts to local attractions such as movies or park tickets. I would highly recommend the Lake County Educational Federal Credit Union.

Additional Factors: Institutions with a small asset base, a short operating history, or negative return on assets can represent an instability risk beyond what their financial ratios indicate. Lake County Educational Federal Credit Union has a low asset base.

Health Grade Components

NCUA #24545
Year Chartered1995
Primary Regulator
Profit Margin
Return on Assets - YTD0.45%
Return on Equity - YTD5.96%
Annual Interest Income$518.00K
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$21.2MM$19.9MM
LoansQ3 2017vs Q3 2016$10.7MM$9.7MM
DepositsQ3 2017vs Q3 2016$19.5MM$18.3MM
Equity CapitalQ3 2017vs Q3 2016$1.6MM$1.6MM
Loan Loss AllowanceQ3 2017vs Q3 2016$25.00K$15.00K
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$24.00K$15.00K
Real Estate OwnedQ3 2017vs Q3 2016$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Lake County Educational Federal Credit Union Savings Account Rates

0.03%$250-Regular Share Savings Account

Lake County Educational Federal Credit Union Money Market Rates

0.10%*$20k*-Money Market Account
OTHER TIERS: 0.08% $2,500 - $20k

Lake County Educational Federal Credit Union CD Rates

0.75%$1k-36 Month Share Certificate
0.50%$1k-60 Month Share Certificate
0.40%$1k-48 Month Share Certificate
0.20%$1k-24 Month Share Certificate
0.10%$1k-12 Month Share Certificate

Lake County Educational Federal Credit Union Locations
Branch Office1595 Mentor AvePainesville, OH 44077