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First Ohio Credit
Union, Inc. Mission Statement
First Ohio Credit Union, Inc.
is a member owned financial cooperative.
Our mission is to build lasting
relationships by providing competitive, diverse, financial products and services which satisfy our members' needs.
We are
committed to maintaining the financial stability of the Credit Union
while addressing future challenges.
What Is A Credit Union?
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.
Who Runs The Credit Union?
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.
Who Regulates The Credit Union?
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.
Privacy Notice
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:
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Information we receive from you
on applications or other forms, such as your name, address, social
security number, assets and income.
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Information about your
transactions with us, our affiliates, or others such as your account
balance, payment history, parties to transactions and credit card
usage.
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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.
The History of First Ohio Credit
Union, Inc.
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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