Superior Credit Union

Last updated
Superior Credit Union
Named after Superior Coach Company
Formation1954
Type Credit union
Legal statusNon-profit
Headquarters Lima, Ohio
Region served
Western Ohio
Website superiorcu.com

Superior Credit Union is a credit union serving Cincinnati, Toledo, and Lima, Ohio, and surrounding regions. It originally served employees of the Superior Coach Company, and after the latter closed in 1981 it expanded by absorbing other credit unions and extending its geographic footprint from Lima to a wide area of western Ohio.

As of September 2021, it is the fourth-largest credit union in Ohio by assets. [1]

History

It was founded as Superior Coach Employees Federal Credit Union in 1954 to serve employees of the Superior Coach Company, based in Lima, Ohio. When Superior Coach Corporation closed in 1981, the credit union obtained a community charter expanding its membership eligibility to residents of the City of Lima, changing its name to Lima Superior Community Federal Credit Union. During the 1980s it absorbed five other credit unions, and expanded its membership to employees of several other companies. [2]

During 1990–1994 its field of membership expanded to encompass all of Allen County, and in 1999 to neighboring Auglaize County. In 2004, it expanded into four more counties and renamed itself Superior Federal Credit Union. During 1995–2014 it absorbed four more credit unions. It increased from one to five locations during the 1990s, and had ten locations in 2012. It expanded into mortgage services in 1999 and small business services in 2005. [2]

In 2015, it changed from a federal charter to a state charter, renaming itself Superior Credit Union. [2] This change made it easier for the credit union to expand its geographic scope, as federal rules were directed towards metropolitan areas rather than rural areas. [3] Its scope expanded to 22 counties in western Ohio, and during 2015–2019 it absorbed six credit unions, allowing it to expand into the Cincinnati and Toledo metropolitan areas. [2] It tied for fourth in the number of mergers nationwide among credit unions during June 2016 to June 2021. [4] Many of these credit unions had not previously offered mortgage services, but provided means for growth in Superior's mortgage program. [5] It also purchased a bank branch in Clifton, Cincinnati, [6] along with its accounts and deposits, a move which is unusual for a credit union but was possible due to its high capitalization. [7] It also expanded its real estate services by acquisition. [8]

In 2019, it opened an educational branch in Bath High School staffed by students who had taken a personal finance or economics class, to promote good financial habits and careers in banking. [9] As of 2020, it donated half a million dollars to local charities each year. [5] [10] Also in 2020, executive Kurt Neeper said that the credit union contacts members if they can refinance their mortgage to a lower rate, as a means of keeping their business. [5] In 2021, Cincinnati Bengals player Sam Hubbard became the credit union's brand ambassador. [6]

Related Research Articles

Superior Coach was a coachbuilder in the American automotive industry. Founded in 1909 as the Garford Motor Truck Company, Superior is best known for constructing bodies for professional cars (hearses) and school buses. Following major downturns in both segments in the late 1970s, Superior was liquidated by its parent company in 1980. From 1925 to 1980, the company was based in Lima, Ohio.

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References

  1. ↑ "Best Credit Unions in Ohio". Credit Unions Online. September 2021. Retrieved 2021-12-01.
  2. 1 2 3 4 "History". Superior Credit Union. Retrieved 2021-12-01.
  3. ↑ DuPlessis, Jim (2019-03-01). "Credit Unions See Significant FOM Expansions". Credit Union Times. Retrieved 2021-12-01.
  4. ↑ Hunt, Will (2021-10-11). "Credit Union Consolidation Continues". Credit Union Times. Retrieved 2021-12-01.
  5. 1 2 3 "Superior Credit Union – Working for members' best interests". Business View Magazine. 2020-12-08. Retrieved 2021-12-01.
  6. 1 2 Shaner, Kyle (2021-08-04). "Superior Credit Union announces partnership with Sam Hubbard". Sidney Daily News. Retrieved 2021-12-01.
  7. ↑ Watkins, Steve (2019-02-11). "Credit union buys Cincinnati bank branch". www.bizjournals.com. Retrieved 2021-12-01.
  8. ↑ "Superior is expanding". Your Hometown Stations. Retrieved 2021-12-01.
  9. ↑ "Superior Credit Union opens branch inside Bath High School". Your Hometown Stations. Retrieved 2021-12-01.
  10. ↑ Cook, Stacey Myers. "Additional relief Monday funded by Superior Credit Union". Your Hometown Stations. Retrieved 2021-12-01.
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