ALEXANDRIA, Va. (Sept. 1, 2016) – In a move to enhance member services and ensure continued financial stability, Cory Methodist Church Credit Union of Cleveland, Ohio, has officially merged into Eaton Family Credit Union of Euclid, Ohio, effective today. This strategic partnership, overseen by the National Credit Union Administration (NCUA), promises a seamless transition for members of both credit unions.
Members of the former Cory Methodist Church Credit Union can expect uninterrupted access to their accounts and a broader range of financial services through Eaton Family Credit Union. The merger expands Eaton Family Credit Union’s reach and strengthens its commitment to serving the Ohio community. New and existing members now benefit from an expanded network and enhanced resources.
For immediate assistance or inquiries, new Eaton Family Credit Union members are encouraged to reach out via telephone at 216-920-2000. Personalized service is also available at Eaton Family Credit Union’s main office, conveniently located at 330 Babbitt Road, Suite 100, Euclid, Ohio. Eaton Family Credit Union offers accessible hours to accommodate diverse schedules: Monday, Tuesday, and Thursday from 8:30 a.m. to 5 p.m., Wednesday from 10 a.m. to 5 p.m., Friday from 8:30 a.m. to 6 p.m., and Saturday from 8:30 a.m. to 1 p.m. Importantly, members can continue to conduct their banking activities at the familiar former Cory Methodist Church Credit Union branch location at 1117 East 105th Street, Cleveland, ensuring continuity and convenience.
A cornerstone of credit union membership is the security of member deposits. All deposits at Eaton Family Credit Union remain federally insured by the National Credit Union Share Insurance Fund, administered by the NCUA. This federal insurance provides peace of mind, guaranteeing individual accounts are protected up to $250,000. Furthermore, a member’s combined interest in all joint accounts is also insured up to $250,000. Retirement savings held in IRA and KEOGH accounts receive separate coverage, each insured up to $250,000. Backed by the full faith and credit of the United States government, the Share Insurance Fund offers robust protection for member assets. Members seeking detailed information regarding their insurance coverage can readily access resources on the NCUA’s MyCreditUnion.gov website, specifically the Share Insurance Coverage page. This online resource provides comprehensive details and answers to frequently asked questions.
Prior to this merger, Eaton Family Credit Union stood as a strong, federally insured, state-chartered credit union serving 14,636 members with assets totaling $60,520,539, according to its most recent Call Report. Cory Methodist Church Credit Union, also federally insured and state-chartered, brought to the merger 650 members and assets of $1,466,272, as per its latest Call Report. Established in 1958, Cory Methodist Church Credit Union had a rich history of serving the members of Cory Methodist Church and various select employee groups within the Cleveland area.
The merger followed a period of conservatorship for Cory Methodist Church Credit Union. The Ohio Division of Financial Institutions placed Cory Methodist Church Credit Union into conservatorship on Feb. 4, 2016, appointing the NCUA as agent for the conservator. Working collaboratively, the two agencies addressed challenges impacting the credit union’s operational safety and financial soundness. Ultimately, it was determined that merging Cory Methodist Church Credit Union into the robust Eaton Family Credit Union was the most beneficial path forward, ensuring the best interests of its members were served and their financial futures secured within a stronger, more expansive institution.
