History of Ohio Catholic
- In February 1954, thirteen members of St. Monica Parish and Reverend Hugh Gallagher formed St. Monica Garfield Heights Federal Credit Union. Operation began on March 23, 1954.
- In 1981, 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/SM FCU, was adopted.
- In May 1988, ground was broken for a new two-story building to house all credit union operations. This location opened on October 22, 1988, as 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 (Maple Heights) and employees of Light of Hearts Villa (Bedford).
- In 1995, the advertised name of the credit union was changed to SM/SM Federal Credit Union.
- On July 1, 1999, the St. Pius X Parish Credit Union, Inc. merged into the SM/SM Federal Credit Union. New members included: St. Barnabas Catholic Parish (Northfield), St. Mary Catholic Parish (Bedford), St. Pius X Parish (Bedford), and Our Lady of Guadalupe Parish (Macedonia).
- The first branch opened on July 1, 1999, in Northfield.
The New Millennium
- On April 5, 2000, the SM/SM Federal Credit Union website was launched.
- During 2002, a 12,000 square foot addition to the credit union’s main office in back of St. Monica Church (Garfield Heights) was completed.
- Also in 2002, a 7,200 square foot new branch was constructed in the Alexandria Square Commons on State Route 82 in Macedonia. This replaced the Northfield Branch.
- On April 15, 2004, SM/SM Federal Credit Union officially expanded membership eligibility to all employees, members, and students of the Catholic Diocese of Cleveland.
- In July 2004, St. Michael Catholic Parish (Independence) joined the family.
- On July 29, 2004, the name was changed to Ohio Catholic Federal Credit Union (OCFCU).
- October 2004, Ohio Catholic FCU offered federally insured student loans and elementary and secondary Catholic School Tuition Loans.
- In January 2005, St. Rocco (Cleveland) and St. Matthew (Akron) joined the Ohio Catholic FCU family.
- January 2005, Ohio Catholic FCU officially opened the Cleveland West branch in Lin’s Omni Square at 3167 Fulton Road and the Akron branch at 526 Canton Road.
- In January 2007, St. Albert the Great (North Royalton) joined the Ohio Catholic FCU family.
- October of 2008, Ohio Catholic FCU opened the North Royalton Branch at 5251 Wallings Road in Cleats Plaza.
- August of 2009, Ohio Catholic FCU marked a milestone in its history by reaching one-half of one billion dollars in loans.
- In November 2009, the Independence office was merged into the other four branch locations.
- February 2010, the Akron office relocated to 1900 West Market Street, Akron.
- March 2010, Ohio Catholic FCU adds It’s Me 247 Mobile Web Banking and eDoc to its portfolio of services.
- July 2010, Ohio Catholic FCU launches redesigned website.
- April 2011, Ohio Catholic introduces the Student Choice lending program for college students.
- June 2, 2011, eBranch opened to service our members.
- July 2011, Ohio Catholic Federal Credit Union was named one of the best places to work in Northeast Ohio. Ohio Catholic’s employees’ dedication to its members, the community, and each other earned the credit union the honor of being recognized as one of the Plain Dealer’s Top 100 Best Companies to Work for in Cleveland.
- September 2012, The Member Value Program, a tiered rewards program, is created to give members the opportunity to earn discounted or free products and services through Ohio Catholic.
- September 2012, Ohio Catholic creates a Remote Deposit Capture Program for Catholic entities.
- March 2013, Ohio Catholic celebrates its 60-Year Anniversary.
- March 2013, Ohio Catholic awards ten $1,000 scholarships to students in Catholic schools.
- April 2013, Ohio Catholic is granted a charter expansion by the National Credit Union Administration (NCUA). This gives the credit union the ability to serve members of all Catholic Dioceses throughout the state of Ohio.
- September 2013, Augustine Financial Services is created. Augustine is a full-service mortgage company, wholly owned and operated by Ohio Catholic, that gives members a wider variety of mortgage lending solutions to meet their unique needs. Augustine can also offer mortgage lending to other credit unions throughout Ohio.
- March 2014, $35,000 in Catholic Education Scholarships are awarded to thirty-five families with students in Catholic schools.
- December 31, 2014, Ohio Catholic celebrates a record-breaking year: net income increased over 1 million dollars; the loan portfolio increased by 3.2 million; assets increased by 3 million dollars; and credit union equity increased by 1.5 million.
- March 2015, Ohio Catholic increases the Annual Catholic Education Scholarship Giveaway to award $50,000 to fifty families to assist with paying Catholic school tuition.
- June 2015, Ohio Catholic adds Merchant Services and IOLTA/IOTA accounts to their business banking portfolio.
- December 31, 2015, Celebrated the 4th consecutive year of growth with net income at 1.5 million.
2016 and beyond
- March 2016, $50,000 in Catholic Education Scholarships are awarded to fifty families with students in Catholic schools.
- May 2016, the first annual $20,000 Catholic School Grant Program is rolled out to support supplemental learning initiatives in Catholic grade and high schools in Ohio.
- June 2016, Ohio Catholic upgrades all debit and credit cards to MasterCard with smart chip technology.
- July 2016, Ohio Catholic welcomes St. Paul’s Parish Federal Credit Union members into the organization. Following the merger, OCFCU grows to approximately 14,500 members with $157 million in assets. Ohio Catholic is the largest faith-based, full-service credit union in Ohio and the fourth largest in the nation.
- September 2016, the Ohio Catholic FCU Challenge Grant Program was developed to encourage students to work collaboratively and multiply the gifts provided by God. Based on the biblical principles found in the Parable of the Talents (Matthew 25:14-30), the students are challenged to take what God has provided and be good stewards of the talent. Grants must be applied towards community service or social justice projects or to local, non-profit organizations and programs.
- March 2017, Ohio Catholic FCU awarded over $41,000 to 102 families through Ohio as part of the Annual Catholic School Scholarship Giveaway.
- July 2017, Ohio Catholic FCU expands Catholic School Grant Program and awards $55,000 to twenty-one different Catholic schools throughout the Diocese of Cleveland.
- March 2018, Ohio Catholic FCU awarded over $40,000 to 119 families through Ohio as part of the Annual Catholic School Scholarship Giveaway.