Ohio University Credit Union in Athens, Ohio, has been granted a field-of-membership expansion by state regulators, broadening eligibility to anyone who lives, works or worships in an eight-county region.
The credit union has $416 million in assets and serves about 25,000 members, according to the National Credit Union Administration. Data from the regulator showed OUCU had a pool of as many as 100,000 potential members at the end of the first quarter, and the addition of so many new counties is likely to expand that substantially.
“We’re excited about this opportunity to serve more of Southern Ohio,” CEO Cory Corrigan said in a press release. “Athens and its contiguous counties share many of the same challenges, so we’re glad to bring low cost loans, valuable services and cutting-edge technology to a larger community. For 65 years, our goal has been to connect people to the financial tools to help them make the most of their money. We’ve always been about ‘people helping people.' ”
Along with its community charter, membership is open to workers at more than 70 select employer groups.
Ohio University Credit Union earned about $1.2 million during the first half of 2020, a decline of about 36% compared with its first-half earnings last year, according to call report data from NCUA. That was driven by a 13% increase in allowances for credit losses and rising noninterest expenses.
