Overview / Commentary
440-352-4732
1595 Mentor Ave
Painesville, OH 44077

Lake County Educational Federal Credit Union is headquartered in Painesville and is the 135th largest credit union in the state of Ohio. It is also the 3,045th largest credit union in the nation. It was established in 1995 and as of June of 2018, it had grown to 5 employees and 3,550 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.



Health
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

Overall
NCUA #24545
Year Chartered1995
Employees5
Primary Regulator
Profit Margin
Return on Assets - YTD0.93%
Return on Equity - YTD11.04%
Annual Interest Income$410.00K
Assets and Liabilities
AssetsQ2 2018vs Q2 2017$27.0MM$21.1MM
LoansQ2 2018vs Q2 2017$12.2MM$10.4MM
DepositsQ2 2018vs Q2 2017$24.8MM$19.4MM
Equity CapitalQ2 2018vs Q2 2017$2.1MM$1.6MM
Loan Loss AllowanceQ2 2018vs Q2 2017$55.00K$24.00K
Unbacked Noncurrent LoansQ2 2018vs Q2 2017$171.00K$7.00K
Real Estate OwnedQ2 2018vs Q2 2017$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Lake County Educational Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* 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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%$250-Regular Share Savings Account

Lake County Educational Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.18%*$20k*-Money Market Account
OTHER TIERS: 0.15% $2.5k - $20k

Lake County Educational Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
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
Locations


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

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