Question 1

What is Steel Valley Federal Credit Union (Steel Valley FCU)?

Accepted Answer

Steel Valley Federal Credit Union is a community-focused federal credit union headquartered in Cleveland, Ohio. Founded in 1966 to serve steelworkers, the credit union has evolved into a broader community institution serving underserved populations across Greater Cleveland and the Greater Warren area.

With approximately $21.6 million in assets and over 3,200 members, Steel Valley FCU operates as a not-for-profit financial cooperative dedicated to providing safe, economical, and convenient financial services. The credit union holds a low-income designation, reflecting its commitment to serving economically underserved communities.

Question 2

When was Steel Valley Federal Credit Union (Steel Valley FCU) founded?

Accepted Answer

Steel Valley Federal Credit Union was chartered in 1966 by the Bureau of Credit Unions as the United Steelworkers (Cleveland) Federal Credit Union. The credit union was originally established to serve members of United Steelworkers Local 185 working for J&L Steel.

The credit union's history reflects the evolution of Cleveland's steel industry through numerous mergers and charter amendments. In 1985, it amended its charter to change the sponsor from J&L Steel to LTV Steel and allowed steelworkers from the merged Republic Steel Company to join.

Throughout the 1990s and 2000s, Steel Valley FCU grew through strategic mergers and acquisitions, including Sears Federal Credit Union (1990), U.I.U. Local 48 Credit Union (1990), Cleveland Steel and Tubes Credit Union (1991), and several others. In 1992, the credit union officially changed its name from United Steelworkers (Cleveland) Federal Credit Union to Steel Valley Federal Credit Union, signaling its broader mission.

Question 3

Where is Steel Valley Federal Credit Union (Steel Valley FCU) headquartered?

Accepted Answer

Steel Valley Federal Credit Union is headquartered at 3840 Pearl Road, Cleveland, Ohio 44109. The main office features an on-site ATM located outside on the front of the building.

Question 4

Where does Steel Valley Federal Credit Union (Steel Valley FCU) operate?

Accepted Answer

Steel Valley Federal Credit Union operates primarily in the Cleveland metropolitan area and Greater Warren region of Ohio. The credit union maintains multiple branch locations, including:
• Main Office: 3840 Pearl Road, Cleveland, OH 44109
• Cleveland Heights Branch: 40 Severance Circle, Cleveland Heights, OH 44118 (located near the police department)
• Eastlake Branch: Opened in 2012 to expand the credit union's reach

Since 2004, Steel Valley FCU has amended its charter to serve underserved populations on the West Side of Cleveland (2004), Greater Warren (2007), and Greater Cleveland (2009). The credit union's field of membership encompasses multiple communities across northeastern Ohio, with a potential membership base of approximately 400,000 people.

Question 5

What services does Steel Valley Federal Credit Union (Steel Valley FCU) offer?

Accepted Answer

Steel Valley Federal Credit Union provides a comprehensive range of financial products and services designed to meet the needs of its members:

Deposit Accounts: Share (savings) accounts, money market accounts, and checking accounts with competitive dividend rates. Members can open an account with a minimum $25 deposit.

Loan Products: Auto loans with competitive rates (new auto loans as low as 3.99% APR, used auto loans as low as 4.99% APR), personal loans, and other consumer lending products.

Share Certificates: Certificate accounts with terms ranging from 6 months to 60 months, offering tiered rates based on deposit amounts.

Digital Banking Services: Steel Valley FCU offers modern digital banking capabilities through its mobile banking app (available for both iOS and Android devices), allowing members to access real-time account information, transfer funds, view transaction history, pay bills through online bill pay, and locate ATMs and branches. The mobile banking service is free and provides secure access to accounts from anywhere.

Additional Services: IRA accounts, online bill pay, and various financial education programs focused on promoting financial awareness among members.

Question 6

What makes Steel Valley Federal Credit Union (Steel Valley FCU) unique?

Accepted Answer

Steel Valley Federal Credit Union distinguishes itself through its deep commitment to serving underserved communities and its evolution from an occupational credit union to a community-focused institution. The credit union holds an NCUA low-income designation, demonstrating its dedication to providing financial services to economically disadvantaged populations.

The credit union's mission emphasizes providing "personal and compassionate financial awareness programs to every member by offering exceptional products and services." This member-centric philosophy reflects the cooperative principle of "people helping people" that has guided the institution since its founding.

Steel Valley FCU's extensive history of mergers and acquisitions showcases its resilience and adaptability. From its origins serving steelworkers at a single plant, the credit union has grown through more than a dozen mergers to serve a diverse membership across Greater Cleveland and Warren. This growth strategy has allowed the institution to preserve financial access for communities that might otherwise have lost local banking services.

The credit union's vision—"to be the community credit union of choice where everyone is welcome and to partner with members to meet their financial goals"—reflects its inclusive approach to membership and commitment to financial inclusion.

Question 7

What type of financial institution is Steel Valley Federal Credit Union (Steel Valley FCU)?

Accepted Answer

Steel Valley Federal Credit Union is a federally chartered credit union regulated by the National Credit Union Administration (NCUA). The credit union operates under Charter Number 17555 and is classified as NCUA Region 2.

As a federal credit union, Steel Valley FCU operates as a not-for-profit financial cooperative owned by its members. The credit union is governed by a volunteer board of directors elected by the membership, with current leadership including Chairman JoAnn Melaragno, Vice Chairman Darryl Mixon, and Secretary/Treasurer Otis Tuck.

The credit union's membership type is classified as "Multiple - primarily primary and fabricated metals," reflecting its historical roots in serving the steel industry while now extending membership to underserved communities throughout Greater Cleveland and Warren. Current members total approximately 3,300, with full-time staff of 6 employees and part-time staff of 3 employees.

Steel Valley FCU maintains "Well Capitalized" status under NCUA's Prompt Corrective Action (PCA) standards, with a net worth ratio of 10.33% as of the most recent reporting period, well above the minimum regulatory requirements for financial stability.

Question 8

How has Steel Valley Federal Credit Union (Steel Valley FCU) performed financially?

Accepted Answer

Steel Valley Federal Credit Union maintains solid financial fundamentals with approximately $21.6 million in total assets and a "Well Capitalized" status under NCUA standards. The credit union serves over 3,200 members with total deposits of approximately $19.3 million.

The credit union's loan portfolio totals approximately $10.9 million, representing a loan-to-share ratio of 56.3%, which indicates a conservative lending approach with substantial liquidity. The credit union's return on average assets stands at 0.08%, reflecting steady operational performance.

With a net worth ratio of 10.33%, Steel Valley FCU significantly exceeds the 7% threshold required for "Well Capitalized" status, providing a strong capital buffer to protect member deposits and support future growth. The credit union's NCUA insurance ensures deposits are federally insured up to $250,000 per depositor.

Steel Valley Federal Credit Union (Steel Valley FCU)

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About Steel Valley Federal Credit Union (Steel Valley FCU) in the United States