Ohio Catholic Federal Credit Union

The Ohio Catholic Federal Credit Union is a faith-based, full-service financial institution chartered to and committed to serving students, employees, and parishioners of the Catholic Diocese of Cleveland, and their family members. In 2004, the credit union changed its name to Ohio Catholic Federal Credit Union to reflect the National Credit Union Administration authorizing the credit union to extend membership and services to the entire Catholic Diocese of Cleveland. OCFCU’s main office is located in Garfield Heights, with branches in Macedonia, Independence, Cleveland, Akron and North Royalton. OCFCU is currently the largest faith-based financial institution in the state of Ohio with over 17,500 loyal members and approximately $132.7 million in assets.

History of Ohio Catholic Federal Credit Union

 In January 1954, thirteen members of St. Monica Parish and Rev. Hugh Gallagher formed St. Monica Garfield Heights Federal Credit Union beginning operations on March 23, 1954.

 In 1981, the credit union membership was expanded to include the members, employees and immediate families of St. Martin of Tours Parish. The name was changed to St. Monica/St. Martin Federal Credit Union and in 1982, the logo, SM/SMFCU, was adopted.

 On May 5, 1988, ground was broken for a new two-story building to house all credit union operations. This building was completed and opened for business on October 22, 1988 and is one of the finest financial institution buildings in the area.

 In 1994, the credit union’s field of membership was expanded to include St. Wenceslas Parish in Maple Heights, Ohio and employees of Light of Hearts Villa in Bedford, Ohio.

 In 1995, the advertised name of the credit union was changed to SM/SM Federal Credit Union.

 On July 1, 1999, the credit union’s field of membership was expanded to include St. Barnabas Catholic Parish, Northfield, Ohio; St. Mary Catholic Parish, Bedford, Ohio; St. Pius X Catholic Parish, Bedford, Ohio; and Our Lady of Guadalupe Parish, Macedonia, Ohio, by merging St. Pius X Parish Credit Union, Inc. into SM/SM Federal Credit Union.

 Our first branch was opened on July 1, 1999 at 10333 Northfield Road, Northfield Plaza, Northfield, Ohio.

 On April 5, 2000, SM/SM Federal Credit Union posted its website www.smsmfcu.com on the Internet.

 During the year 2002, a 12,000 square foot addition to the credit union’s main office in back of St. Monica Church, Garfield Heights, Ohio was completed.

 Also during the year 2002, a 7,200 square foot new branch building was constructed on State Route 82 in Macedonia, Ohio, at 8600 Alexandria Drive in the Alexandria Square Commons. This replaced the Branch located at 10333 Northfield Road in Northfield Plaza, Northfield, Ohio.

 On April 15, 2004, SM/SM Federal Credit Union officially expanded its membership to employees, members, and students of the Catholic Diocese of Cleveland, located in Cleveland, Ohio.

 On July 1, 2004, St. Michaels Catholic Parish at 6800 Chestnut Road, Independence, Ohio joined the OCFCU family.

 On July 29, 2004, the name was officially changed to Ohio Catholic Federal Credit Union.

 On January 1, 2005, St. Rocco’s Catholic Credit Union, 3162 Fulton Road, Cleveland, Ohio; and St Matthew Catholic Credit Union, 526 Canton Road, Akron Ohio; joined the OCFCU family.

 On January 1, 2007, St. Albert’s Federal Credit Union, 6667 Wallings Road, North Royalton, Ohio, joined the OCFCU family.

The History and Philosophy of Credit Unions

“People helping People” is more than just a credit union slogan---it’s the way credit unions operate each and every day. Around the world, and here at home, credit unions focus on improving the quality of life for their members, their families, and the community, one member at a time.

Not For Profit, Not for Charity, But for Service

It’s true, credit unions are financial institutions like banks, and savings and loans, but they operate much differently. Credit unions are financial cooperatives, owned by the people who use the credit union---the members. Since the focus is on service (not profit), members benefit with lower rates on loans, higher rates on savings, and often pay fewer fees and finance charges on the same services offered by other financial institutions.

One Member – One Vote

Credit unions are democratic organizations. Members in good standing have the privilege of running for and electing volunteers to serve on the board of directors who set the course for the credit union. Every member has an equal voice and vote, no matter how much money they have on deposit.

Our Cooperative History

The idea for a credit union originated in 1847 in Bavaria, Germany. The mayor of the small town, Friedrich Raiffeisen, was so appalled at the poverty of farmers and workers that he organized a cooperative savings institution allowing them to pool their money and make loans to each other. The popular idea spread across Europe and in 1900, the first credit union was organized in Canada.

The first U.S. credit union opened its doors in Manchester, New Hampshire in 1909. The Caissse Populaire St. Marie still operates today as the St. Mary’s Bank, but don’t let them fool you---it is a credit union. With support and a $1 million donation from Boston Merchant, Edward Filene, credit unions spread throughout the nation. With the passage of the Federal Credit Union Act in 1934, credit unions could be organized anywhere in the United States. During the depression, while other financial institutions were closing their doors, credit unions demonstrated that ordinary people could organize and provide for their own financial security. Cooperative effort was, and still is, the key to credit union success.

A Solid Global System

Today, there are credit unions in 80 countries around the world. Their logo is representative of the international credit union movement. A center circle represents the individual credit union member who is served by their credit union (a second circle and so on), which belongs to a chapter, which is a member of a state league. Leagues in the USA belong to CUNA, the Credit Union National Association. CUNA is one of seven confederations and freestanding leagues that belong to WOCCU, the World Council of Credit Unions, which is represented by a sixth and final circle. All of the circles are connected and the primary objective of every credit union organization is to provide cooperative, financial services to benefit the member.

Positive Growth for the Future

By working together, the credit union movement continues to grow in both numbers and assets. In 1970, the National Credit Union Administration (NCUA) became an independent federal agency and the National Credit Union Share Insurance Fund was formed to insure members’ deposits. The 1970s brought major changes in the products offered by financial institutions and credit unions found they too needed to expand their services. In 1977, legislation expanded services to credit union members, including share certificates and mortgage lending. The 1970s were years of tremendous growth in credit unions. The number of credit union members more than doubled and credit union assets tripled to over $65 billion.

Deregulation, increased flexibility in merger and field of membership criteria and expanded member services characterized the 1980s. High interest rates and unemployment in the early ‘80s brought supervisory changes and insurance losses. With the Share Insurance Fund experiencing financial stress, the credit union community called on Congress to approve a plan to recapitalize the Fund. In 1985, federally insured credit unions capitalized the National Credit Union Share Insurance Fund by depositing 1 percent of their shares into NCUSIF, a federal fund backed by the “full faith and credit of the United States Government.”

During the 1990’s and into the 21st century, credit unions have been healthy and growing. Credit union failures are low and the Share Insurance Fund prospers.

Approximately 9,300 federally insured credit unions now serve 83 million members with deposits exceeding $528 billion.

Serving Members and the Community

In addition to offering financial services, credit unions also support their communities. Seminars and presentations are made available to members and the community on topics of consumer interest. Seminar topics include wills and trusts, home ownership, caring for aging parents, budgeting, and more. Students also benefit from credit union presentations. Classroom topics include the wise use of credit, thrift, and the benefits of saving.


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216.663.6800 330.733.6002 USA PATRIOT ACT requires IDENTITY VERIFICATION for all new accounts.	About Us The Ohio Catholic Federal Credit Union is a faith-based, full-service financial institution chartered to and committed to serving students, employees, and parishioners of the Catholic Diocese of Cleveland, and their family members. In 2004, the credit union changed its name to Ohio Catholic Federal Credit Union to reflect the National Credit Union Administration authorizing the credit union to extend membership and services to the entire Catholic Diocese of Cleveland. OCFCU’s main office is located in Garfield Heights, with branches in Macedonia, Independence, Cleveland, Akron and North Royalton. OCFCU is currently the largest faith-based financial institution in the state of Ohio with over 17,500 loyal members and approximately $132.7 million in assets. History of Ohio Catholic Federal Credit Union  In January 1954, thirteen members of St. Monica Parish and Rev. Hugh Gallagher formed St. Monica Garfield Heights Federal Credit Union beginning operations on March 23, 1954.  In 1981, the credit union membership was expanded to include the members, employees and immediate families of St. Martin of Tours Parish. The name was changed to St. Monica/St. Martin Federal Credit Union and in 1982, the logo, SM/SMFCU, was adopted.  On May 5, 1988, ground was broken for a new two-story building to house all credit union operations. This building was completed and opened for business on October 22, 1988 and is one of the finest financial institution buildings in the area.  In 1994, the credit union’s field of membership was expanded to include St. Wenceslas Parish in Maple Heights, Ohio and employees of Light of Hearts Villa in Bedford, Ohio.  In 1995, the advertised name of the credit union was changed to SM/SM Federal Credit Union.  On July 1, 1999, the credit union’s field of membership was expanded to include St. Barnabas Catholic Parish, Northfield, Ohio; St. Mary Catholic Parish, Bedford, Ohio; St. Pius X Catholic Parish, Bedford, Ohio; and Our Lady of Guadalupe Parish, Macedonia, Ohio, by merging St. Pius X Parish Credit Union, Inc. into SM/SM Federal Credit Union.  Our first branch was opened on July 1, 1999 at 10333 Northfield Road, Northfield Plaza, Northfield, Ohio.  On April 5, 2000, SM/SM Federal Credit Union posted its website www.smsmfcu.com on the Internet.  During the year 2002, a 12,000 square foot addition to the credit union’s main office in back of St. Monica Church, Garfield Heights, Ohio was completed.  Also during the year 2002, a 7,200 square foot new branch building was constructed on State Route 82 in Macedonia, Ohio, at 8600 Alexandria Drive in the Alexandria Square Commons. This replaced the Branch located at 10333 Northfield Road in Northfield Plaza, Northfield, Ohio.  On April 15, 2004, SM/SM Federal Credit Union officially expanded its membership to employees, members, and students of the Catholic Diocese of Cleveland, located in Cleveland, Ohio.  On July 1, 2004, St. Michaels Catholic Parish at 6800 Chestnut Road, Independence, Ohio joined the OCFCU family.  On July 29, 2004, the name was officially changed to Ohio Catholic Federal Credit Union.  On January 1, 2005, St. Rocco’s Catholic Credit Union, 3162 Fulton Road, Cleveland, Ohio; and St Matthew Catholic Credit Union, 526 Canton Road, Akron Ohio; joined the OCFCU family.  On January 1, 2007, St. Albert’s Federal Credit Union, 6667 Wallings Road, North Royalton, Ohio, joined the OCFCU family. The History and Philosophy of Credit Unions “People helping People” is more than just a credit union slogan---it’s the way credit unions operate each and every day. Around the world, and here at home, credit unions focus on improving the quality of life for their members, their families, and the community, one member at a time. Not For Profit, Not for Charity, But for Service It’s true, credit unions are financial institutions like banks, and savings and loans, but they operate much differently. Credit unions are financial cooperatives, owned by the people who use the credit union---the members. Since the focus is on service (not profit), members benefit with lower rates on loans, higher rates on savings, and often pay fewer fees and finance charges on the same services offered by other financial institutions. One Member – One Vote Credit unions are democratic organizations. Members in good standing have the privilege of running for and electing volunteers to serve on the board of directors who set the course for the credit union. Every member has an equal voice and vote, no matter how much money they have on deposit. Our Cooperative History The idea for a credit union originated in 1847 in Bavaria, Germany. The mayor of the small town, Friedrich Raiffeisen, was so appalled at the poverty of farmers and workers that he organized a cooperative savings institution allowing them to pool their money and make loans to each other. The popular idea spread across Europe and in 1900, the first credit union was organized in Canada. The first U.S. credit union opened its doors in Manchester, New Hampshire in 1909. The Caissse Populaire St. Marie still operates today as the St. Mary’s Bank, but don’t let them fool you---it is a credit union. With support and a $1 million donation from Boston Merchant, Edward Filene, credit unions spread throughout the nation. With the passage of the Federal Credit Union Act in 1934, credit unions could be organized anywhere in the United States. During the depression, while other financial institutions were closing their doors, credit unions demonstrated that ordinary people could organize and provide for their own financial security. Cooperative effort was, and still is, the key to credit union success. A Solid Global System Today, there are credit unions in 80 countries around the world. Their logo is representative of the international credit union movement. A center circle represents the individual credit union member who is served by their credit union (a second circle and so on), which belongs to a chapter, which is a member of a state league. Leagues in the USA belong to CUNA, the Credit Union National Association. CUNA is one of seven confederations and freestanding leagues that belong to WOCCU, the World Council of Credit Unions, which is represented by a sixth and final circle. All of the circles are connected and the primary objective of every credit union organization is to provide cooperative, financial services to benefit the member. Positive Growth for the Future By working together, the credit union movement continues to grow in both numbers and assets. In 1970, the National Credit Union Administration (NCUA) became an independent federal agency and the National Credit Union Share Insurance Fund was formed to insure members’ deposits. The 1970s brought major changes in the products offered by financial institutions and credit unions found they too needed to expand their services. In 1977, legislation expanded services to credit union members, including share certificates and mortgage lending. The 1970s were years of tremendous growth in credit unions. The number of credit union members more than doubled and credit union assets tripled to over $65 billion. Deregulation, increased flexibility in merger and field of membership criteria and expanded member services characterized the 1980s. High interest rates and unemployment in the early ‘80s brought supervisory changes and insurance losses. With the Share Insurance Fund experiencing financial stress, the credit union community called on Congress to approve a plan to recapitalize the Fund. In 1985, federally insured credit unions capitalized the National Credit Union Share Insurance Fund by depositing 1 percent of their shares into NCUSIF, a federal fund backed by the “full faith and credit of the United States Government.” During the 1990’s and into the 21st century, credit unions have been healthy and growing. Credit union failures are low and the Share Insurance Fund prospers. Approximately 9,300 federally insured credit unions now serve 83 million members with deposits exceeding $528 billion. Serving Members and the Community In addition to offering financial services, credit unions also support their communities. Seminars and presentations are made available to members and the community on topics of consumer interest. Seminar topics include wills and trusts, home ownership, caring for aging parents, budgeting, and more. Students also benefit from credit union presentations. Classroom topics include the wise use of credit, thrift, and the benefits of saving.
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