Question 1

What is St. Colman Affiliates FCU?

Accepted Answer

St. Colman Affiliates FCU is a community-focused federal credit union headquartered in Cleveland, Ohio. With approximately $7.7 million in assets and serving over 3,000 members, this small credit union is dedicated to providing low-cost financial services to its membership.

As a federally chartered institution regulated by the National Credit Union Administration (NCUA), the credit union has maintained a strong presence in Cleveland's west side community. St. Colman Affiliates FCU holds a low-income designation, reflecting its commitment to serving underserved communities in the Cleveland area.

Question 2

When was St. Colman Affiliates FCU founded?

Accepted Answer

St. Colman Affiliates FCU was chartered in 1939, establishing itself during an era when many community-based financial cooperatives were formed to serve specific neighborhoods and parish communities. The credit union was founded on the principles of the cooperative movement, with a mission to promote thrift and financial stability within its community.

The institution originated to serve members affiliated with St. Colman Catholic Church and its associated organizations. St. Colman Church, constructed between 1914-1918 on Cleveland's west side at Lorain Avenue, has been an anchor for the Irish neighborhood since the 1880s and continues to serve the changing demographics of the area.

Question 3

Where is St. Colman Affiliates FCU headquartered?

Accepted Answer

St. Colman Affiliates FCU is headquartered at 6637 Lorain Avenue in Cleveland, Ohio 44102. This location places the credit union at the heart of Cleveland's west side community, sharing its address with the historic St. Colman Catholic Church complex.

The Lorain Avenue corridor has been a vital part of Cleveland's urban fabric for over a century, serving diverse immigrant communities and remaining a center of neighborhood activity.

Question 4

Where does St. Colman Affiliates FCU operate?

Accepted Answer

St. Colman Affiliates FCU primarily operates in the Cleveland, Ohio area, with a focus on serving its core membership within Cuyahoga County. The credit union's field of membership traditionally centers around individuals affiliated with St. Colman Church and related organizations.

As a community credit union with specific membership criteria, its service area reflects the geographic boundaries and affiliations established in its charter. Members typically have connections to the west side Cleveland community and the organizations the credit union was founded to serve.

Question 5

What services does St. Colman Affiliates FCU offer?

Accepted Answer

St. Colman Affiliates FCU provides a comprehensive range of financial services to its members, including:

Deposit Accounts: Share accounts (savings) and checking accounts with competitive rates. With approximately $6.96 million in total deposits, the credit union maintains solid savings programs for its membership.

Lending Services: Personal loans, auto loans, and other consumer credit products. The credit union maintains approximately $5.2 million in total loans, with a loan-to-share ratio of 74.79%, indicating healthy lending activity relative to deposits.

Account Access: Online banking services through their website at stcolmanaffiliatesfcu.com, allowing members to manage accounts, transfer funds, and conduct routine banking transactions electronically.

The credit union emphasizes providing low-cost financial services with a personal touch, surpassing what many traditional banking institutions offer to underserved communities.

Question 6

What makes St. Colman Affiliates FCU unique?

Accepted Answer

Community-Rooted Legacy: With over 85 years of service since its 1939 charter, St. Colman Affiliates FCU has demonstrated remarkable longevity and commitment to its original mission of serving the west side Cleveland community.

Low-Income Designation: The credit union holds an NCUA low-income designation, reflecting its dedication to serving economically disadvantaged areas and providing accessible financial services to all income levels.

Strong Financial Performance: Despite its small size, the credit union maintains a healthy financial position with a return on average assets of 0.41% and a solid net worth ratio of 8.22%, demonstrating prudent management and sustainable operations.

Member Growth: While the credit union has experienced slight asset fluctuations, it achieved a 3.22% increase in membership over the past year, indicating continued relevance and value to the community it serves.

Parish Connection: The credit union's ongoing relationship with St. Colman Catholic Church and its affiliated organizations provides a strong sense of community identity and shared purpose among members.

Question 7

What type of financial institution is St. Colman Affiliates FCU?

Accepted Answer

St. Colman Affiliates FCU is a federal credit union, chartered and regulated by the National Credit Union Administration (NCUA). As a federally chartered institution, it operates under federal regulations and provides federal deposit insurance through the National Credit Union Share Insurance Fund (NCUSIF).

Members' deposits are insured up to $250,000 by the NCUSIF, providing the same level of protection as FDIC insurance at banks. As a cooperative financial institution, the credit union is owned by its members, with each member having an equal vote regardless of account balance.

Credit unions operate on a not-for-profit basis, returning earnings to members through competitive rates, lower fees, and enhanced services. Membership eligibility is traditionally based on affiliations with St. Colman Church and associated organizations, though specific criteria may have evolved over the decades.

The credit union operates within NCUA Region 2 and maintains its commitment to the credit union philosophy of "people helping people" while serving Cleveland's diverse west side community.

St. Colman Affiliates FCU

in the United States 🇺🇸

Crypto-Friendliness

All done!

About St. Colman Affiliates FCU in the United States