Vision Statement

LorMet Community Federal Credit Union is committed to excellence in providing full progressive financial services to its membership. 

LorMet Community Federal Credit Union: A Historical Overview

In the mid 1930's, as Americans struggled with the impact of  the Great Depression, a group of workers saw the need for a financial institution that was dedicated to the needs of the average working man.  They began to discuss the formation of a member owned financial institution that would be driven by a philosophy of people helping people.  By January 10, 1936, nine volunteer steelworkers had completed the necessary paperwork, and on January 22, the Credit Union Charter was approved.

The newly chartered "National Tube Lorain Works Employees Credit Union" began to enroll members, and collected their savings of nickels, dimes and quarters.  The National Tube Company made two rooms available for credit union operations, and by the end of their first year, the credit union had 1,167 members, and assets of $15,470.53.

During the 1940's, the steel plant in Lorain switched part of its operations to the manufacture of shell casings, and many of the steelworkers enlisted in the armed forces to fight for their country in World War II.  Upon their return, the Credit Union continued to grow, and by the end of 1945, had 1,911 members with assets totaling $174,432.35.

As the decades passed, the credit union progressed; always remaining attuned to the needs of its members and the value of technological advances in providing efficiency and up-to-date services.  During the 1950's, the Credit Union switched from manual to machine posting, and made the convenience of payroll deductions available for the first time.  The Credit Union moved to a new building to accomodate our growing membership and reached its second million in assets.  By the end of the 1960's, we had changed our name to U.S. Steel Corp., Lorain Works Employee's Credit Union, Inc., and grown to over five million in assets.

The Credit Union stepped into the age of computerized processing in the 1970's and introduced a number of new services for our members - including FHA Home Improvement Loans, Government Insured Student Loans, Share Draft (checking) accounts, and Direct Deposit of pension, payroll and government payments.  A new addition was added to our building, and after remodeling and completion of contruction, the "new" building was dedicated in June 1976.  By March 31, 1979, we had grown to 15 million dollars in assets.

In 1981 the Credit Union gained access to Federal Reserve Bank services.  We began sharing ATM's and members began to enjoy the convenience of accessing their accounts at thousands of locations throughout the country.  But, in 1982, the worst economic downturn in 50 years hit the country, and the Credit Union was put through its severest test when over 5,000 steelworkers were permanently laid-off at U.S. Steel Corp.  The credit union management, staff and official family began to look for solutions to the problem.  Members with loans were helped by reworking payment arrangements, and they responded by meeting their obligations.  The Credit Union continued introducing new services and expanding existing services.  We began to offer high yield share certificates, IRA accounts and VISA cards.

At the Annual Meeting in February of 1984, the membership approved an amendment to the Charter which allows the Credit Union to take in select groups.  Growth continued during the 1980's despite the layoffs at U.S. Steel - assets increased by more than $8,700,000.00.

As the Credit Union entered the 1990's we continued offering our services to new groups, including City of Lorain and Lorain County employees, Ridge Tool, General Industries, EMH Regional Healthcare System, and Sectional Tool & Die, and Whirlaway in Wellington among others.  We changed our name to reflect the diversity of the select groups we were now serving throughout the Lorain Metropolitan area, and became LorMet Allied Credit Union, Inc.

In 1991, our operations were converted to an "on-line" state of art processing system, and we were amoung the first financial institutions in Northern Ohio to offer 24 hour a day access to account information and loan applications by telephone.  We added our Murray Ridge Road Branch facility when we acquired the assets of the Auto Accessories Credit Union in Elyria.

Our commitment to increasing accessibility and service resulted in the opening of our branch office on Cooper Foster Park Road in Amherst in 1997, and the following year unveiled the first of our Credit Union owned ATM machines at that location.  In the spirit of our original founders, our ATM's offer our members convenient access to their accounts without a surcharge, and future sites were planned.  Late in 1999, we opened additional branch offices on East Broad Street in Elyria and North Main Street in Wellington, introducing drive-up service to our members. 

On February 22, 2000, LorMet Credit Union received a Federal Community charter allowing any person who lives, works, worships or attends school in Lorain County the privilege of membership in the Credit Union.  LorMet Community Federal Credit Union, with over $100 million in assets and 20,000 members, now has four full-service branch locations, crossing the geographical boundaries of Lorain County.  We remain committed to our purpose of serving the financial needs of our membership, and since our beginnings in 1936, exemplify our commitment by making member service our first priority.  The magnitude of our past success and the countless efforts of dedicated volunteers, management, staff and our members make our future success possible.