AMHERST, Ohio — LorMet Community Federal Credit Union recently marked its 90th anniversary with an open house celebrating its history and growth in Lorain County.
The event, held April 18 at the credit union’s Amherst headquarters, highlighted the institution’s origins and its evolution since being founded in 1936 by nine steelworkers, The Morning Journal reported.
Daniel Cwalina, president and CEO, and Shavena Brown, first vice president, greeted guests during the celebration, The Morning Journal said.
“In 1936, there were nine steel mill workers at the Lorain National Tube Company, which was a U.S. Steel subsidiary, who raised a total of $14,276 to create a financial cooperative, which would become the LorMet Community Federal Credit Union,” Cwalina said, according to The Morning Journal. “The nine steelworkers had a belief in one another and, within the first year, had lent out all of the $14,276, which today would be equivalent to $326,000.”
Founding Principles
Cwalina said the credit union has continued to follow its founding principles, The Morning Journal reported.
“Today, we continue to embrace our founders’ philosophy. We have over $280 million in total assets, and we have over 20,000 members,” he said, according to The Morning Journal. “Since 2000, we have financed over one-billion dollars in car loans. We are major supporters of the International Festival and of the Rockin’ on the River concerts. We believe in investing in our community and support investing in Lorain County.”
Exhibits Created
The open house included a series of exhibits tracing the organization’s history, with themes such as “Steel Town Story (Forging the Foundation, 1890s—1910s),” “Credit Union Beginnings (1930s—1940s)” and “Growing with Purpose (1990s—Present), The Morning Journal reported.
