Cardinal Community CU Approved for Fourth Merger in 12 Months
MENTOR, Ohio -- Cardinal Community Credit Union, one of Ohio's fastest growing credit unions, has received approval to complete its fourth merger in 12 months.
The State of Ohio Division of Financial Institutions approved a merger between Cardinal Community and Hillcrest Community Credit Union located in Richmond Heights, Ohio.
Previous to that approval, Cardinal Community successfully merged with Reliance Mutual Credit Union of Euclid, Ohio; Western Reserve Credit Union of Wickliffe, Ohio; and Lighthouse Community Credit Union of Ashtabula, Ohio. Cardinal Community now operates branches in three northeast Ohio counties.
"We're thrilled to have the opportunity to serve members in four counties," said James Hartman, president/CEO, Cardinal Community. "Our area of service is expanding and our five locations will make account access much easier for our members."
Cardinal Community said it now operates five branch locations and is preparing to break ground on a new, state-of-the-art $1.5 million, 6,500-square foot branch in Willoughby, Ohio scheduled to open in the spring of 2007. In addition to adding branch locations with the mergers, Cardinal Community has also doubled its staff since last year to 60 employees, up from 30 employees one year ago. Several employees have been added to the expanded mortgage department. The credit union said it also recently launched a number of money-saving products that will be beneficial to underserved individuals and first-time homebuyers.
"Our mortgage department has been working hard to install the Ohio Housing Finance Agency First-Time Buyers Program mortgage as well as the Fannie Mae Expanded Approval Program to assist homebuyers," Hartman said. "Additionally, we offer the H.L.P.R. or "Helper" First-Time Home Buyers Program that offers a low-rate first mortgage. We look for products and services that our expanded membership need and want. By adding services for specific financial consumer groups, we better the possibility of successfully serving our members' needs."
Founded in 1953, Cardinal Community was first organized to serve employees of the Mentor Public School System.