Lake County Educational Federal Credit Union
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
Teacher's Credit Union
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.
Data as of Q1 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24545 |
| Year Chartered | 1995 |
| Employees | 5 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.2% |
| Return on Equity - YTD | 2.18% |
| Annual Interest Income | $257.00K |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $28.9MM$27.1MM |
| Loans | Q1 2020vs Q1 2019 | $14.3MM$13.4MM |
| Deposits | Q1 2020vs Q1 2019 | $26.3MM$24.9MM |
| Equity Capital | Q1 2020vs Q1 2019 | $2.6MM$2.2MM |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $31.00K$32.00K |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $43.00K$30.00K |
| Real Estate Owned | Q1 2020vs Q1 2019 | $0$95.00K |