Why your accounts are safe with OECU.
For over 79 years OHecu has provided quality service to its members based on the fundamental principle underlying the financial cooperative "People helping People." OHecu is very proud of its financial strength and stability. This page provides you with information on the financial performance of the Credit Union and links to sources for additional information and individuals to address any questions you may have.
Our Primary Purpose
We exist for the purpose of assisting our members in enhancing their financial well being by providing financial services including deposit and loan products. We’re a not-for-profit financial cooperative owned by our membership. We don’t have shareholder pressure to make profits by taking excessive risk, as do some banking institutions.
OHecu has never pursued risky sub-prime loans. We’ve never varied from our primary purpose of enhancing the financial well being of our membership.
Our financial position is strong, with a capital to asset ratio in excess of 8.7% and a liquidity ratio in excess of 15%. This level of members' capital classifies the Credit Union as "well capitalized" by the regulatory agencies that oversee its financial performance. During this economic cycle the Credit Union has wisely utilized its capital to continue to provide exceptional service to its membership.
We continue to maintain a well-balanced and financially sound loan portfolio. Our portfolio contains 24% closed-end mortgages, 43% collateralized loans such as new and used vehicles, 22% home equity loans, and 8% signature based products such as credit cards. We use conservative lending practices, which means there are occasions when we decline a member's loan request, but this has proven to be good for the overall membership.
Monitored and Regulated
We operate in a closely regulated industry. We are regulated by the State of Ohio, Department of Commerce, Division of Financial Institutions. We continue meet or exceed the expectations of the State examination process.
Our Board of Directors utilizes an independent CPA firm to perform an annual audit. We’ve consistently received an unqualified opinion, which is the best rating a company can obtain. A copy of our Annual Report is available at any OHecu office or here online.
OHecu utilizes American Share Insurance (ASI) for deposit insurance up to $250,000 per account. This deposit insurance is only available to credit unions that meet a strict set of financial guidelines and maintain strong operating practices. ASI regularly performs insurance reviews to confirm our compliance with their underwriting guidelines.
We're proud of the financial services we've provided to our membership for over 79 years. We've consistently returned exceptional value to our members and will continue to utilize conservative practices to meet our purpose of enhancing our members' financial well-being..
I hope this review of our safety and security measures helps reinforce the confidence you’ve already placed in The Ohio Educational Credit Union. If you have any further concerns, please contact myself, or any member of our executive management team. You can call 216-621-6296, ext. 3073, or email your questions to OECU_officer@ohioedcu.com.
We’ll be pleased to discuss this issue or any other Credit Union related topic. Thank you for your membership and support.
Jerome R. Valco
Chief Executive Officer
Robert C. Becker
Chief Operations Officer
Arthur D. Boehm
Chief Financial Officer