Buckeye State Credit Union

What Buckeye State Credit Union does

Buckeye State Credit Union is a not-for-profit, member-owned financial cooperative founded in 1933 (originally as Akron Postal Employees Credit Union) and headquartered in Akron, Ohio. It serves consumers and small businesses across eight Northeast Ohio counties (Lake, Cuyahoga, Summit, Stark, Wayne, Ashland, Medina, and Richland) through five branch locations and digital banking channels. The credit union offers a comprehensive suite of traditional banking products including free checking accounts, savings and money market accounts, certificates of deposit, auto loans, mortgages, home equity loans and HELOCs, personal loans, three MasterCard credit card variants, and a student loan marketplace. Investment and financial planning services are delivered through a partnership with LPL Financial and Lorson Financial.

The underlying technology consists of a mobile banking application for iOS and Android with remote deposit capture, digital wallet integration (Apple Pay, Google Pay, Samsung Pay), CardValet fraud controls, credit score tracking, and online bill pay. Core systems rely on standard third-party credit union infrastructure. Member deposits are insured up to $5,000,000 per account through American Share Insurance and Excess Share Insurance. The credit union has held Community Development Financial Institution (CDFI) certification from the U.S. Department of the Treasury since 2017, with over $7.3 million in CDFI grant funding received since 2018.

Buckeye's business model is the standard credit union net interest income model, earning the spread between loan yields (auto, mortgage, home equity, personal, credit card) and deposit costs (checking, savings, CDs, money market), supplemented by fee-based income from overdrafts, ATM usage, wire transfers, and third-party service charges. As a not-for-profit cooperative, excess earnings are returned to members through lower loan rates, higher deposit dividends, and reduced fees. Revenue streams also include revenue sharing from LPL Financial investment services and affiliate referral fees from the student loan marketplace. The institution reported $142.1M in total assets and $1.16M in net income for 2023, with a Net Worth Ratio of 10.97% and ROA of 0.85%.

Name

Buckeye State Credit Union

Legal name

Buckeye State Credit Union

Website

https://buckeyecu.org

Company type

Private

Founded year

1933

Operating status

Operating

Headcount range

51–100 employees

Short description

Buckeye State Credit Union is a member-owned, not-for-profit financial cooperative founded in 1933, serving consumers and small businesses across eight Northeast Ohio counties with deposits, lending, credit cards, and digital banking through five branches.

Ownership category

akta.pro rank

Product category

Retail Banking / Consumer Credit Union Services

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Credit union services
• Retail banking
• Consumer lending
• Mortgage lending
• Deposit accounts

Headquarters

HQ city

Canton

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: As a credit union, Buckeye State generates revenue primarily through the spread between interest earned on loans (auto, mortgage, home equity, personal, student, credit cards) and interest paid on deposits (checking, savings, CDs, money market). As a not-for-profit institution, excess revenue is returned to members in the form of lower loan rates and higher deposit rates.
2. Fee-based Income: Fees assessed for overdrafts, out-of-network ATM usage, returned items, wire transfers, official checks, excessive withdrawals from savings, and other occasional banking services. ProPay third-party service charges a $4.95 fee per debit card payment (ACH payments are free).
3. Investment Services Revenue: Financial advisory and brokerage services provided through LPL Financial, offering IRAs, brokerage accounts, bonds, and financial planning. Revenue is shared with LPL Financial and Steven Lorson of Lorson Financial.
4. Student Loan Marketplace Referral: A student loan marketplace that connects members with private student loan and refinance options from third-party lenders. The credit union facilitates introductions while third-party lenders fund the loans.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Buckeye State Credit Union is a not-for-profit, member-owned financial cooperative that provides consumer deposit products (checking, savings, CDs, money market, savings clubs), consumer and vehicle lending (auto, mortgage, refinance, home equity, HELOC, personal loans), three MasterCard credit card variants including secured and youth credit-builder cards, a student loan referral marketplace, and investment/advisory services through an LPL Financial partnership. The credit union serves members primarily across Northeast Ohio via five branch locations and digital channels (mobile app, online banking).

Product overview

Buckeye State Credit Union operates as a not-for-profit financial institution offering a comprehensive suite of traditional banking products and services centered around deposits, lending, and member financial tools. The core product portfolio includes three checking account types (Free Checking, Empowerment Checking, Youth Empowerment Account) and multiple savings options (Share/Savings Account, Certificate of Deposit, Money Market Savings, and seasonal Savings Clubs for Christmas, Vacation, and Spring Break). Lending products span auto loans, mortgage and refinance solutions, home equity loans and HELOCs, personal loans (Anything Loan, Birthday Loan), credit cards (Buckeye Bonus MasterCard, Buckeye Youth Empowerment MasterCard, Buckeye Empowerment MasterCard), and student loans through a marketplace partner. Digital banking capabilities are provided via a proprietary mobile banking app with features including remote deposits, digital wallet integration (Apple Pay, Google Pay, Samsung Pay), CardValet fraud protection, and credit score monitoring. Investment services are offered through a partnership with LPL Financial and Lorson Financial. The credit union serves members across Northeast Ohio through five branch locations and emphasizes competitive rates, low fees, and community-focused banking.

Differentiator

Problem solved

Functional benefit

Products and services

• Free Checking Account A no-fee checking account with no minimum balance requirements, no monthly maintenance fees, and access to online bill pay, direct deposit, and overdraft protection, designed for everyday consumer banking.
• Empowerment Checking A checkless checking account for members who have been turned down for or had challenges establishing a checking account, featuring no minimum balance and no overdraft fees.
• Youth Empowerment Account A maintenance-fee-free youth checking account with a debit card for supervised spending, introducing children to banking and money management.
• Share (Savings) Account A $5 minimum share/savings account that establishes credit union membership and equal access to all credit union products and services.
• Certificate of Deposit A term savings product with flexible durations (6–36 months) offering higher dividends than standard savings, requiring a $1,000 minimum deposit.
• Money Market Savings A tiered money market savings account offering higher returns while maintaining access to funds, with minimum-balance tiers ranging up to $5,000.
• Savings Club Accounts (Christmas, Vacation, Spring Break) Seasonal purpose-specific savings accounts (Christmas, Vacation, Spring Break) with automatic yearly transfers of accumulated funds into a checking or savings account.
• Auto Loans Vehicle financing offering competitive fixed rates for new and used cars, flexible terms up to 84 months, refinance options, and add-ons such as GAP coverage and warranties.
• Anything Loan (Personal Loan) A flexible-purpose personal loan usable for debt consolidation, home renovations, weddings, or general expenses, with fixed rates and various term options.
• Birthday Loan A $1,000 to $1,500 personal loan available to members with good payment history, featuring a 12-month term and a potential 1% rate discount for members with six months of direct deposit.
• Conventional Mortgage A mortgage loan backed by private lenders offering free pre-qualification, flexible fixed-rate terms, first-time home buyer programs, low down payment options, and rate lock options.
• Mortgage Refinance Mortgage refinancing solutions to potentially lower interest, adjust loan terms, or convert adjustable-rate mortgages to fixed rate.
• Home Equity Loan A fixed-rate, fixed-payment lump-sum loan secured by home equity for home renovations, debt consolidation, weddings, and higher education expenses.
• Home Equity Line of Credit (HELOC) A revolving credit line secured by home equity, with variable rates priced at Prime minus 0.25% and interest charged only on the amount drawn.
• Buckeye Bonus MasterCard A MasterCard offering 1% cash back on all qualified purchases with no annual fee and unlimited cash reward potential.
• Buckeye Youth Empowerment MasterCard A MasterCard designed for first-time credit builders, with easy upgrade options upon completing school.
• Buckeye Empowerment MasterCard (Secured) A secured MasterCard with no annual fee, designed to help members build or rebuild credit.
• Student Loan Marketplace A digital marketplace that connects members with third-party private lenders for in-school and refinance student loans, featuring competitive fixed and variable rates with no origination fees or prepayment penalties.
• Mobile Banking App A native iOS/Android application enabling account management, balance viewing, check imaging, fund transfers, loan payments, bill payment, ATM location, and remote check deposits.
• Investment Services (Lorson Financial via LPL Financial) Investment and financial planning services (IRAs, brokerage accounts, bonds, asset management, retirement, tax, and estate planning) delivered in partnership with LPL Financial and registered representative Steven Lorson of Lorson Financial, LLC.
• Pay Loan Online (ProPay) Online loan payment service powered by ProPay that allows members to make one-time, future-dated, or recurring loan payments via debit card ($4.95 fee) or free ACH transfer from an external bank account.

Quantifiable outcome

• Deposit insurance up to $5,000,000 per account (versus standard $250,000 FDIC limit)
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature6 records

Partnerships

Three partnerships are on record, tiered core and minor.

• LPL FinancialcoreTechnology or IntegrationLPL Financial is a registered investment advisor and broker-dealer (Member FINRA & SIPC) providing the technology and regulatory infrastructure for Buckeye's investment services program. Steven Lorson, a registered representative with LPL Financial and owner of Lorson Financial, LLC, delivers financial advisory services to Buckeye members through this platform.
• Lorson Financial, LLCcoreTechnology or IntegrationLorson Financial, LLC, owned by Steven Lorson (LPL Financial Advisor with Series 7 and 66 licenses, plus life, health, and variable insurance licenses in Ohio), provides investment and financial planning services to Buckeye members. Services include asset management, retirement planning, income strategies, tax planning, estate planning, and insurance. Founded in 2021.
• Third-Party Student Loan Lenders (Marketplace)minorChannel Partner/ Reseller/ DistributorBuckeye's student loan marketplace connects members with multiple private lenders offering in-school and refinance loans. The marketplace facilitates comparison shopping, allowing members to find competitive fixed and variable rates with no origination fees. Buckeye acts as an intermediary/referral partner while third-party lenders fund the loans.

Scale indicators10 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Wright-Patt Credit Union: Large Ohio-based credit union serving members across the state, including the Dayton and Southwest Ohio region, with similar deposit, lending, and digital banking product breadth. Directly comparable as a community credit union competing for the same retail deposit and consumer loan market.
• First Energy Credit Union: Ohio-based community credit union offering checking, savings, loans, and digital banking to employer-group and community members. Comparable as a regional Ohio credit union with similar CDFI-style member mission and product mix.
• Cleveland Credit Union: Northeast Ohio community credit union operating in the same Cuyahoga/greater Cleveland geography as Buckeye's Shaker Heights branch. Direct competitor for retail deposits, auto loans, and member relationships in Buckeye's core market.
• Canton Postal Employees Credit Union: Stark County-based community credit union serving Stark County, Ohio. Overlaps directly with Buckeye's Canton and Alliance branches for deposit and consumer lending business.
• Educational Employees Credit Union (EECU): Ohio-based community credit union with a focus on serving members across multiple employer groups and communities. Comparable member-owned cooperative structure and similar consumer lending, deposit, and digital banking offerings.

Broad incumbents

• Huntington National Bank: Large regional bank headquartered in Columbus, Ohio, with deep retail and commercial banking presence across Northeast Ohio. Competes with Buckeye on consumer checking, mortgage, and auto lending, but at vastly greater scale.
• PNC Financial Services: Top-10 U.S. bank with a strong Ohio retail branch network. Competes for the same Northeast Ohio consumer deposits and consumer loans as Buckeye, with significantly broader product, digital, and capital resources.
• KeyBank: Major regional bank with headquarters in Cleveland, Ohio. A direct incumbent competitor in Buckeye's 8-county Northeast Ohio footprint across consumer banking, mortgages, and credit cards.

Regional players

• Lakeview Federal Credit Union: Ohio-based community credit union operating in northern Ohio markets overlapping Buckeye's Lake and Cuyahoga County territory. Comparable community-credit-union model with similar deposit and consumer loan products.

Emerging players

• Goalsetter: Digital-first financial platform focused on youth and family financial inclusion. Comparable to Buckeye's Youth Empowerment and credit-building focus as an emerging fintech in the financial inclusion / credit-builder niche.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/BuckeyeStateCreditUnion
• LinkedInlinkedin.com/company/buckeye-state-credit-union
• Instagraminstagram.com/buckeyestatecu
• Xx.com/buckeyecu

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Buckeye State Credit Union