The exchange for the debt economy
Source: site
7 17 Credit Union’s western expansion plan began Friday with the merger of Teamsters Local 92 Federal Credit Union in Canton, the Warren-headquartered financial institution announced in a news release.
The Teamsters branch will close, and 7 17 will serve its 500 members at its North Canton branch this month.
In August, 7 17 began supporting Teamsters Local 92 FCU by providing additional expertise and resources as a larger credit union. As the collaboration progressed, 7 17 was invited to serve as a merger partner because of its expertise and capabilities given the increasing technology and compliance requirements facing financial institutions today.
“Our history is deeply rooted in the labor movement, and we know the pride and power that come from standing together,” 7 17 CEO John Demmler said. “It’s a true example of banking with purpose, building stronger communities — and together, we can accomplish more than we ever could alone.”
In addition to its existing Canton-area presence, 7 17 plans to open new branches in the coming months in the Wallhaven neighborhood of Akron and in Akron as it expands access to cooperative, member-focused financial services across the region.
“I really believe what 7 17 stands for, and the employees and leadership. With the products 7 17 offers it’s beneficial for everyone,” said Teamsters Local 92 FCU Board President Ron Crosbie. “I’ve been a longtime member of Teamsters 92 FCU. While Teamsters has always been there for me, I believe going forward we can be more effective as a part of 7 17.”
7 17 Credit Union was formed in 1957 by 15 hourly employees at the Packard Electric division of General Motors. They created the credit union with just $75, locked in a cigar box of the IUE Local 7 17 union hall. Today, anyone living or working in Northeast Ohio can become a member and open an account with 7 17.
Today, 7 17 Credit Union has 12 branches, more than 120,000 members and more than 330 employees.
Upcoming Events
