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GenFed Financial Credit Union is a not-for-profit financial institution that serves areas of Ohio, Illinois, and Indiana. We are owned by our account holders (also called members) and we exist for their benefit. Credit unions don’t have stockholders like banks and are able to return any profits to the members in the form of better rates, lower fees and increased services.
Our mission, ‘Better than a bank; so amazing you tell your friends’ is something we strive for every day we open the doors. With GenFed, you can count on getting the best products, services, rates and service. Plus, we offer convenient access to your money and account information!
We’ve had our members’ best interests at heart for more than 75 years.
GenFed first opened for business in 1938 as the credit union for General Tire & Rubber Company in Akron, Ohio. Two men were instrumental in this stage of our history. Homer Carroll, a General Tire employee, studied credit unions and gathered information and people to start the credit union. Bill Prather, another employee, helped members learn to save by walking through the Akron General Tire factory collecting nickels, dimes and quarters to be deposited to member share accounts.
Over the years, the credit union slowly added eleven branches, including locations where General Tire had plants.
In 1982, GenFed merged with Mt. Vernon General Tire Employees Credit Union. The Mt. Vernon General Tire Employees Credit Union was chartered in 1974 and started in a supply closet at the General Tire factory, offering $500 signature loans and basic savings. By the time it merged with GenFed, Mt. Vernon General Tire Employees Credit Union had an asset size of $250,000. Following the merger, the combined staff continued to take a personal interest in providing outstanding service.
Over the years, GenFed has grown and expanded. We are proud to be a strong, stable financial partner for our members. We have a committed, capable team that works together to ensure continued growth and success for the good of our members.
Board of Directors
As an account holder at GenFed, you’re a member and part owner of the credit union! Every member has a vote in electing our volunteer Board of Directors. These elected volunteers determine GenFed’s direction and make important decisions about GenFed’s future.
GenFed’s Board of Directors is composed of 7 individuals with many years of combined service. These dedicated individuals also serve on committees, including:
Thank you, dedicated GenFed volunteer Board of Directors!
Credit Union Difference
A credit union is similar to a bank in the sense that it provides the same types of services: checking accounts, savings accounts, loans, and other financial services. The difference between the two is that banks exist for the benefit of their shareholders, while credit unions exist for the benefit of their account holders or members.
Credit unions follow a philosophy of people helping people. The first credit union in the United States was started by a group of people who worked together and were tired of being gouged by high bank fees, high loan rates, and low interest rates on savings. They decided they would pool their savings and lend it to fellow employees who needed to borrow money. They promised to charge reasonable rates for loans and invest their money in places where they could earn higher returns than they could with their individual savings accounts.
Today, there are credit unions all across the United States. Each credit union serves a group of people who share some type of common bond. Some credit unions are chartered to serve communities, while others are chartered to serve select employee groups.