717 Credit Union Reaches Major Milestone
By GARY SOUKENIK
President & CEO, 717 Credit Union
WARREN, Ohio – As one of the few remaining financial institutions headquartered in the Mahoning Valley and the only sizeable one still based in Trumbull County, 717 Credit Union remains committed to providing our members and the communities we serve with quality and affordable financial tools to help them reach their financial goals.
Our credit union reached a major milestone at the end of 2021 when our membership surpassed 100,000 account holders. The milestone echoes the personalized service reflected in our high member satisfaction and loyalty scores, our commitment to the communities we serve and convenience through technology that rivals large regional and national banks.
Our personal teller machines provide members a safe way to interact face-to-face with a personal service representative via video during these unprecedented times. Similar in appearance to an ATM, PTMs allow members to conduct almost any transaction that can be performed inside a branch from the convenience and safety of their vehicles 24/7.
The credit union’s digital technology remained pivotal in ensuring members had continual access to their accounts. Our online banking, telephone banking and mobile banking app offered members options for accessing their accounts without jeopardizing their health and safety.
Over the course of 2021, the credit union broadened the use of remote signatures, allowing members the convenience and freedom to start and finish loans without ever stepping foot inside a branch.
In late fall, 717 opened a branch on West Market Street. This allows the credit union to better serve businesses in the area and provides an opportunity for the underbanked.
In 2021, deposits grew by 11%, loan growth grew 10% and assets more than 10% to nearly $1.4 billion. The year ended with a net worth ratio, a key measure of safety and strength, of 14%, double the 7% defined as well-capitalized under federal law.
Local businesses continued to take advantage of the credit union’s products and services. New free business checking account openings increased by 25% and business deposits grew by more than 20%. And the credit union disbursed more than $143 million in business loans.
Copyright 2024 The Business Journal, Youngstown, Ohio.