Lake County Educational Federal Credit Union

Overview / Commentary
1595 Mentor Ave
Painesville, OH 44077

Lake County Educational Federal Credit Union is headquartered in Painesville and is the 131st largest credit union in the state of Ohio. It is also the 2,951st largest credit union in the nation. It was established in 1995 and as of March of 2020, it had grown to 5 employees and 3,954 members at 3 locations. Lake County Educational Federal Credit Union has a B+ health rating.

Field of Membership Restrictions

Lake County Educational Federal Credit Union is open to the following: (1) employees and faculty of Lake County Public Schools; (2) students, employees, and faculty of Auburn Career Center, Brown Aveda Institute, Fairport Harbor Schools, iSTEM Geauga Early College High School, Madison Schools, North Olmsted Schools, Our Shepherd Lutheran School, and Riverside Schools; (3) employees of the Greater Cleveland area organizations: Burke School of Irish Dance, Carat-Coin-Collectibles, Clark Family Automotive Services, Gateway Country, Ladies and Gentlemen Salon and Spa of Mentor, Lake County Educational Service Center, MacKenzie Memorial Public Library, North Olmstead Board of Education and High School Alumni Association Members, Ream Builders, Inc., St. Clarence Church, and Zergott Landscaping, Inc.
See current membership details

Reviews (1)

Teacher's Credit Union

Posted by: |

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 - YTD0.2%
Return on Equity - YTD2.18%
Annual Interest Income$257.00K
Assets and Liabilities
AssetsQ1 2020vs Q1 2019$28.9MM$27.1MM
LoansQ1 2020vs Q1 2019$14.3MM$13.4MM
DepositsQ1 2020vs Q1 2019$26.3MM$24.9MM
Equity CapitalQ1 2020vs Q1 2019$2.6MM$2.2MM
Loan Loss AllowanceQ1 2020vs Q1 2019$31.00K$32.00K
Unbacked Noncurrent LoansQ1 2020vs Q1 2019$43.00K$30.00K
Real Estate OwnedQ1 2020vs Q1 2019$0$95.00K
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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

0.10%$250-Regular Share Savings Account

Lake County Educational Federal Credit Union Money Market Rates

0.18%*$20k*-Money Market Account
OTHER TIERS: 0.15% $2.5k - $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
0.15%$1k-12 Month Share Certificate

Lake County Educational Federal Credit Union Locations
Branch Office1595 Mentor AvePainesville, OH 44077
Branch Office30129 Lorain RdNorth Olmsted, OH 44070
Branch Office3100 Burns RdMadison, OH 44057

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