Banking & Finance

International Credit Union Day Is Thursday

YOUNGSTOWN, Ohio – International Credit Union Day is this Thursday and has been celebrated the third Thursday of October every year since 1948 – to reflect upon the credit union movement and its achievements.

A different theme for the day is chosen each year with this year’s theme spotlighting International Credit Union Day’s 70th anniversary, “Find Your Platinum Lining in Credit Unions.”

Local credit unions take part in celebrating the day by giving back to their members.

On International Credit Union Day, the Associated School Employees Credit Union will have apples, the logo of the credit union, at each of its branches for its members to take. At Mercer County Community Federal Credit Union, bags filled with credit union giveaways will be given to members and kids will draw a prize out of a treasure box inside the lobby. Struthers Federal Credit Union will offer special loan or savings rates to members and coffee and treats inside its lobby.

Credit Union membership and total assets slightly increased over the last year, even as the number of branches decreased.

According to the Credit Union National Association, in June 2018 there were 740 credit union branches with 2.98 million members and $30.75 billion in assets in Ohio. This compares to the June 2017 report, which states there were 744 credit union branches with 2.91 million members and $29.35 billion in assets in Ohio.

The Ohio Credit Union League’s website reports there are 370 credit unions in the state.

The Credit Union National Association reports 5,686 credit unions nationally in August, a drop from 5,894 in August 2017. But it reports there are 117.6 million members, an increase from 112.6 million a year ago. And credit unions nationally report $1.46 trillion in assets compared to $1.37 trillion a year ago.

The World Council of Credit Unions states at the end of 2016 there were 68,000 credit unions in 109 countries on six continents serving 235 million people. Worldwide assets totaled $1.76 trillion.

Published by The Business Journal, Youngstown, Ohio.