Giving Back to Its Roots: 717 Credit Union Deepens Ties with Valley

WARREN, Ohio – 717 Credit Union is deepening its ties to the Mahoning Valley and surrounding communities with plans to enhance financial education, support housing development and bolster local businesses.

President and CEO John Demmler outlined the credit union’s upcoming initiatives, which include a $100 million community investment over the next six years and a focus on revitalizing urban areas.

“Our mission is to help people live better lives financially and support the communities we serve,” Demmler said. “For 67 years, the Mahoning Valley has lifted up and supported 717 Credit Union and made us the No. 1 credit union in Ohio.”

Financial Literacy Initiative

The first initiative focuses on expanding financial literacy, with 717 planning to partner with schools and workplaces to teach the fundamentals of saving and building financial security. Demmler said the goal is to reach 10,000 people over the next six years.

The program includes the launch of a new Youth High-Yield Savings Account, offering an interest rate of 7.17% on the first $1,000 saved.

“We hope this will help young people learn the benefits of saving and building a strong financial future,” Demmler said.

He emphasized that improving financial wellness in the workforce can lead to greater productivity. “One of the challenges in Valley workplaces is to have productive employees that aren’t focused on their finances at home.”

$100 Million Community Investment

The second initiative involves a $100 million investment in community development, with housing as a primary focus.

“Primarily, we want to focus on housing. We think that housing is one of the biggest challenges to attracting new employers and jobs to the region,” he said.

Announcements regarding specific projects are expected in the coming months, including urban revitalization efforts to fill vacant lots with housing.

Building Community Through Events and Partnerships

717 Credit Union has already begun demonstrating its commitment to the region through several high-profile initiatives. This past summer, the credit union hosted Financial Wellness Night at a Mahoning Valley Scrappers game, providing complimentary tickets, hot dogs and soft drinks for attendees.

In partnership with the city of Warren, 717 launched the Great House Loan Program, offering discounted interest rates to help residents beautify the exteriors of their homes. Demmler said similar partnerships with other cities are forthcoming.

During The Open event in downtown Youngstown, 717 announced it would provide up to $1 million in gift cards to support downtown businesses, including restaurants affected by challenges such as the pandemic, road closures and the Realty Tower explosion. For every auto loan refinanced through the credit union, members receive up to $250 in gift cards for downtown businesses.

“This is a way for us to give back and help build a stronger downtown,” Demmler said, adding that a second phase of the program will include e-gift cards to expand support to businesses without traditional gift card systems.

Reflecting on Growth and the Credit Union Difference

As the largest credit union in northeastern Ohio, 717 serves more than 120,000 members across 13 branch locations. Anyone living or working in Trumbull, Mahoning, Columbiana, Portage, Stark or Summit counties is eligible for membership.

“When you become a member here, you become a member-owner,” Demmler said, contrasting credit unions with traditional banks. “Banks have shareholders and customers. We’re only balancing the needs of one, and that is our membership.”

Demmler said the credit union’s recent merger with Youngstown City Schools Credit Union has amplified its focus on Youngstown, and similar efforts followed its earlier merger with Kent Students Credit Union.

“It’s really about recognizing where our roots are and giving back to those communities,” he said.

With a renewed commitment to engaging the community and ambitious plans on the horizon, Demmler had a simple message for the region: “We’re just getting started.”

For those unfamiliar with credit unions, Demmler had four words: “You belong. Join today.”

Pictured at top: John Demmler, president and CEO of 717 Credit Union.

Copyright 2024 The Business Journal, Youngstown, Ohio.