A Credit Union is a group of people with a permit to do business with each other. A business of saving their money in a common fund, and making loans to the members from the fund.A Credit Union is not a credit bureau. It is not a labor union. It is not a loan company nor a finance house. It is a group of people who have joined forces to manage their own money.The basic objectives are to teach and encourage thrift among members and through their combined savings, extend to members low cost credit for any worthwhile purpose.
As a member of the Credit Union, you are an important part of the ownership. It is your responsibility to elect a Board of Directors who will govern the Credit Union. The Board of Directors is a group of volunteers who establish the general direction of the Credit Union and controls its affairs. The Board sets the policy under which the officers and committees operate.
First Ohio Credit Union is chartered under the laws of the State of Ohio. It is also regulated and examined by them. Your savings are federally insured up to $100,000 by the National Credit Union Administration (NCUA).
First Ohio Credit Union, Inc., your member owned financial institution, is committed to providing you financial products and services to meet your needs and reach your financial goals.
We are equally committed to protecting our members’ privacy. To assure the continued privacy and confidentiality of your personal financial information, your credit union observes these practices and procedures:
Information We Collect
We collect nonpublic information about you from some or all of the following services:
Information we receive from you on applications or other forms, such as your name, address, social security number, assets and income.
Information about your transactions with us, our affiliates, or others such as your account balance, payment history, parties to transactions and credit card usage.
Information we receive from a consumer reporting agency, such as your creditworthiness and credit history.
Information We Disclose
We may disclose all of the information we collect as described above to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. We may also disclose information about you under other circumstances as permitted by law.
Our Security Measures
We restrict access to nonpublic information about you to those employees who need to know the information to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply with Federal regulations to guard your nonpublic personal information.
First Ohio Credit Union, Inc. has celebrated more than 50 years of serving its members.First Ohio Credit Union, Inc. began as a credit union for the workers of the Autolite Spark Plug plant in 1948, now known as Honeywell CPG. It began in one room of the plant with just a handful of members and was called the Fostoria Spark Plug Federal Credit Union, No. 5757.
Whitey Rosier, who was the Vice President of UAW Local 533 at the time, said that negotiations began with Robert Twells, then the Plant Manager, and the members of the union including Jim Rice, President of Local 533, Bob Chapman and Milt Rice. Mr. Rosier said that Mr. Twells allowed Ivan Maurer to sign up members one hour a day in a designated room at the plant.
Mrs. Helen Gary, the 91 year old widow of Henry Gary, recalls, " My late husband was very interested in helping get the Credit Union started. The original group contacted all the workers possible about starting a savings account to pool their savings into a Credit Union. The purpose was to make loans to other workers. The Spark Plug plant had agreed to deduct any amount of money that workers would want to put into the Credit Union from their paycheck. There was a good response right from the beginning. Ivan Maurer was the first Manager."
"The first Annual Meeting that I remember," Mrs. Gary continues, "was in the Alcott Building Ballroom in downtown Fostoria.
There was lots of food left over and we took it to the Good Shepherd Home. Later Annual Meetings were held at the Meadowbrook Ballroom in Bascom. They were always in January with the business meeting first, followed by dinner and dancing. They were lots of fun."
"I remember when my husband served on the Board of Directors in those early years. If members were late with payments, the Board members would go to their homes to try and collect. Several of us wives even cleaned up some furniture repossessed from a delinquent account so we could raise more money at the auction that was held." Mrs. Gary said.
When the Ford Motor Company bought the Autolite Plant in April, 1961, the Credit Union needed to find a place to operate outside of the plant. It purchased two single-story homes located at 1505 North Union Street and had them connected. Offices and a teller area were built. Ivan Maurer was the treasurer when they first moved. Mae Reinhart was the assistant treasurer and Garland Hunker Piper helped when needed.
On July 5, 1977, the Credit Union became community chartered, opening its membership up to anyone living or working in Fostoria and the six townships around the city. Its name was changed to the Fostoria Area Federal Credit Union. The new field of membership increased the Credit Union membership greatly, which caused the need for a larger building. A new single story building went under construction at 1650 N. Countyline Street and on May 30, 1983, the Credit Union moved into its new home where it currently resides.
Another growth period came in November of 1988 when the Fostoria Area Federal Credit Union merged with the Seneca County Credit Union ( SCCU) which was located in Tiffin. The businesses in Tiffin that were affiliated with SCCU welcomed the merger, which brought an increase of services and products to them. The Credit Union now operates a second office in Tiffin at 203 N. Sandusky Street.
In 1989, it was necessary to add a second floor onto the Credit Union offices at 1650 N. Countyline St. in Fostoria because of the continued growth.
Many requests to join the Fostoria Area Federal Credit Union came from companies and individuals that were outside the field of membership. In 1994, steps were taken to expand the field of membership. One of the steps was to become State Chartered. This gave the Credit Union an opportunity for more flexibility with the field of membership. It was necessary to drop the word 'Federal' from the name, which meant changing the name. This offered the perfect occasion for members to suggest some choices of a new name for the Credit Union. Members submitted more than 400 names. The Board of Directors chose the name First Ohio Credit Union, submitted by Elaine Bish, as their first choice. A majority of members then voted to adopt it as the new name of the Credit Union.
On Nov. 4, 1994, the Secretary of the State of Ohio gave the Credit Union permission to begin using the new name, First Ohio Credit Union, Inc.
The field of membership was expanded to include all of Seneca County (minus three townships in the Northeast comer); Cass and Washington Township in Hancock County; Scott Township in Sandusky County; Bloom, Henry, Montgomery, and Perry Townships in Wood County. Members of the Fostoria Area Historical Society and members of the Seneca County Convention and Visitors Bureau are all eligible to join the Credit Union, also. The First Ohio Credit Union, Inc. celebrated its new name with an Open House in March, 1995.
Credit unions have been serving their members for more than 80 years. When hardworking Americans needed financial help the most, they found it in a financial cooperative, their Credit union. Credit Unions have seen us through wars and other difficult periods such as the Great Depression. The philosophy of the Credit union has always been "people helping people".
The strength of the First Ohio Credit Union, Inc. is based on its member/owners and the same "people helping people" philosophy. The not-for-profit financial cooperative provides members a safe and sound financial haven. The Credit Union helps its members get the most for their money with higher interest savings and lower interest loans, just as it did decades ago.
We would like to thank Mrs. Henry Gary and Mr. Whitey Rosier for their contribution of information about the history of the Credit Union. A special thank you to M. Mae Reinhart for sharing her stories about the Credit Union and programs from the Annual Meetings.
We welcome all stories that you may have about your Credit Union.
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