Credit Union History

Credit Union Ownership

The members own the credit union. People join the credit union by establishing share account for their savings. Your share account is your share of the credit union.

Annually, the credit union membership elects individuals from its own ranks who have agreed to serve designated terms as members of the Board of Directors. It is these fellow members of your credit union who exercise general control of the credit union’s activities for the benefit of the entire membership.

This unique method of electing members of the credit union to serve on its Board of Directors ensures that there is as cross-section of the views and financial aspirations of the vast majority of the members. As a result, Board decisions generally reflect quite closely the interests of the membership as a whole. Like all other volunteers, the members of the Board of directors receive no compensation for their services.

Edco’s Beginnings

The Edco Federal Credit Union was organized in 1937 when a group of employees from the Ohio Edison Company were granted a charter by the National Credit Union Administration. We must operate under the charter and under the supervision of the NCUA. We are audited by this group once a year and a report given to the Board of Directors.

For the first forty-eight years, the credit union was located in the home of the Treasurer. In 1985 Edco Federal Credit Union was moved into an office located at the Ohio Edison Edgewater Power plant in Lorain. In December 1990, Edco built an office in the current location. In September, 2005 our membership expanded into a community charter. Anyone that lives, works, worships or attends school in Lorain County can now become a member of our credit union.