AKRON, Ohio – 717 Credit Union announced that it will invest $50 million in the Greater Akron community.
That’s in addition to its $100 million reinvestment in affordable housing throughout northeastern Ohio.
Executives announced the commitment Thursday night at the Duck Club before a game between the Akron RubberDucks and Erie SeaWolves. The credit union and the Akron team celebrated their partnership at the event in Canal Park.
“At 717, we strongly believe in our mission statement, which is we help people improve their lives financially and support the communities we serve,” said Shelley Engleman, 717 executive vice president.
It’s at the heart and soul of everything the credit union does, she said.
“By 2030 we intend to invest $50 million [in the greater Akron area] by adding nine branches, in addition to our three current branches and 10 additional [interactive teller machines], or micro branches in the area,” Engleman said. “We feel this will give us a strong presence and a strong commitment to the community.”
The credit union has also committed $100 million to housing initiatives in northeastern Ohio to make purchasing a home more affordable.
“And one of the ways that we’re doing this is not charging fees to employees of our workplace partners when they purchase a home,” she said. “So we’d like to extend this program to the businesses and the employees right here in the Akron area.”
John Demmler, 717 president and CEO, said the credit union is excited about its investment in Akron, and he pointed to Akron Mayor Shammas Malik as one of the drivers of that investment. Malik gave a tour of the city to 717 representatives, highlighting ongoing improvements and initiatives.
“We’re so excited for what this means,” Malik said, “$50 million investment in the community through the branches, $100 million – when we know how important housing is to everything in our community, whether it’s safety, whether it’s jobs, so there’s health – how essential housing is. So thank you so much.”
Lt. Gov. Jim Tressel, who threw out the first pitch for the game, said the pendulum is swinging back in Ohio’s favor.
“In the last eight to 10 years, 63 companies have decided to leave the East Coast or the West Coast, to either begin here or expand here – extraordinary opportunities,” said Tressel, who is a former Youngstown State University president and national championship football coach at both YSU and The Ohio State University. “Well, like anything else, you better take advantage of your opportunities.”
Ohio is positioned well to take advantage of its opportunities, he said, pointing to Lake Erie, rivers, energy and residents’ work ethic.
“I think 20 some percent of all ground freight goes right through Youngstown, Warren, Akron,” Tressel added.
By 2032, there will be about 540,000 more jobs in the state that will need to be filled, and housing is one of the biggest barriers to that, he said, indicating that 717’s investment will help address it. He also listed transportation and child care as barriers to employment.
“Another thing we’ve got to make sure we do is we’ve got to have quality of life,” Tressel said. The RubberDucks have made a positive difference in Akron’s downtown, improving the quality of life, he said.
Steve Millard, president and CEO of the Greater Akron Chamber; Ken Babby and Jim Pfander, president/CEO and general manager, respectively, of the Akron RubberDucks; and Akron community and civic leaders attended the event Thursday.
717 also unveiled the new Akron RubberDucks Visa Credit Card. The card offers a starting APR of 7.17% and no fees for balance transfers, cash advances or annual use. And 7.17 cents from every transaction will go toward nonprofit programs supported by the RubberDucks.
Pictured at top: John Demmler, 717 Credit Union president and CEO, and Lt. Gov. Jim Tressel.