In 1936, LorMet Community Federal Credit Union was originally chartered as the “National Tube Lorain Works Employees’ Credit Union.” The credit union would end its first year with 1,167 members and $15,470.53 in assets. By the end of 1945, the credit union had 1,911 members and assets totaling $174,432.35.
The 1950s saw the credit union switch to machine posting and offer payroll deductions. By the end of the 1960s, the credit union had grown to over $5 million in assets and had been renamed the “U.S. Steel Corp., Lorain Works Employees’ Credit Union.”
Computerized processing was introduced in the 1970s. New services were made available to credit union members, including share draft (checking) accounts, direct deposit of pension, payroll, and government benefits, and FHA Home Improvement Loans. The 1980s brought ATM sharing and credit card accounts.
The credit union welcomed the 1990s, by changing its name to “LorMet Allied Credit Union.” This reflected the diversity of the employer groups which the credit union had expanded to serve, including employees of Lorain County, the City of Lorain, Ridge Tool, General Industries, EMH, and others. The credit union converted to an on-line, state-of-the-art processing system and became one of the first institutions in Lorain County to provide 24/7 account information by telephone. The ‘90s also saw the addition of the Elyria and Wellington branches.
On February 22, 2000, the 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 “LorMet Community Federal Credit Union.” The 2000s also saw the introduction of online banking, online bill pay, and social media. In the 2010s, the credit union added mobile banking apps and mobile check deposit.
Today, LorMet Community Federal Credit Union is a full-service financial institution with a diverse membership of hardworking individuals and families of all backgrounds. We have been proud to call Lorain County our home for 80 years.
Thank you for being a part of the credit union!