Toledo Urban Federal Credit Union

What Toledo Urban Federal Credit Union does

Toledo Urban Federal Credit Union (TUFCU) is a federally chartered, member-owned cooperative credit union founded on July 21, 1996, designated as Toledo's first community development credit union. It serves individuals, families, and small businesses in central city Toledo, Ohio — specifically within ZIP codes 43602, 04, 06, 07, 08, 09, 10, and 20 — through two physical branches (Main Branch at 1441 Dorr Street and Monroe Branch at 3053 Monroe Street, opened January 12, 2024) and digital channels including a HomeCU-powered online banking platform and a mobile app on iOS and Android. The institution is regulated by the National Credit Union Administration (NCUA), displays FDIC branding and Equal Housing Lender designation, and received a $500,000 grant from the U.S. Treasury Community Development Financial Institutions Fund in April 2023.

The credit union's product suite spans deposit products (share accounts with $250 minimum and $10 membership fee, certificates of deposit with rates up to 4.00% APY at 12 months, Christmas/Vacation Clubs, and checking accounts) and a broad lending portfolio (new and used auto loans at 4.75%-18% APR, home equity fixed-rate loans at 7.0%-9.0%, mortgages including the HIMP program at 9-12%, share-secured loans at 3.9%, signature unsecured personal loans up to $15,000 at 10-18%, holiday loans, Mastercard credit cards up to $7,500 at 9.99%-18%, and Sallie Mae Smart Option student loans via referral partnership). It also offers the Neighborhood/Home Revitalization Loan Program, providing up to $20,000 in low-interest equity loans for central city homeowners at or below 120% of Area Median Income, and "Pride Loans" as a structured alternative to payday and title loans. Supporting infrastructure includes QuickBooks QBO transaction download, NADA vehicle valuation integration, TrustAge loan cost calculators, PSCU credit card processing, and the annual African American Festival (21st annual in July 2026) as its primary brand and community engagement vehicle.

The business model rests on net interest income from the loan portfolio, fee-based revenue (late charges, membership fees, and service fees), and deposit-related margin from share accounts and CDs. GTM is community-led: a 1-10 person staff operates the two branches while the African American Festival, Financial Wellness Workshops, Driver License Reinstatement Clinics, and partnerships with the Economic and Community Development Institute (ECDI), Toledo Museum of Art, Metro Parks Toledo, Toledo Zoo, Imagination Station, and National Heritage Academies drive membership acquisition and retention. Assets exceed $10 million and the institution has been named one of the fastest growing financial institutions of its kind in the country. CEO Dr. Suzette Cowell, a co-founder, received the 2023 Louise McCarren Herring Movement Advancement Award from the Ohio Credit Union League.

Name

Toledo Urban Federal Credit Union

Legal name

Toledo Urban Federal Credit Union

Website

https://toledourban.net

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

Toledo Urban Federal Credit Union is a federally chartered, community development credit union founded in 1996 serving central city Toledo, Ohio residents with deposit products, consumer and mortgage lending, and a Neighborhood Revitalization Loan Program through two branches and digital channels.

Ownership category

akta.pro rank

Product category

Community Development Credit Union Banking

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

akta.pro secondary industry

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

Keywords

• Community development banking
• Consumer lending
• Credit union services
• Deposit accounts
• Home revitalization loans

Headquarters

HQ city

Toledo

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Interest earned on loan portfolio including auto loans, mortgages, home equity loans, personal loans, and student loans through Sallie Mae partnership
2. Fee-based Services: Various banking fees including late charges ($25 when 10 days past due), membership fees, and service fees
3. Share Account Services: Share savings accounts, Certificates of Depositions, Christmas/Vacation Clubs, and checking accounts generating deposit-based revenue

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Toledo Urban Federal Credit Union is a federally chartered, member-owned community development credit union serving residents of central city Toledo. It offers share savings accounts, checking accounts, certificates of deposit, and Christmas/Vacation club accounts, alongside a lending suite covering auto loans, mortgages, home equity loans, personal loans, student loans (via Sallie Mae partnership), and Mastercard credit cards. The credit union also provides online and mobile banking, bill payment, notary services, credit counseling, and a specialized Neighborhood/Home Revitalization Loan Program for moderate-income homeowners.

Product overview

Toledo Urban Federal Credit Union operates as a community development credit union offering a comprehensive suite of financial products and services through both traditional branch locations and digital channels. The core banking platform includes Online Banking (with QuickBooks integration) and Mobile Banking App for account management. Lending products span auto loans, mortgages, home equity loans, student loans (via Sallie Mae partnership), personal loans, and the Neighborhood/Home Revitalization Loan Program for Central City Toledo homeowners. Deposit products include Share Accounts, Certificates of Deposits, Checking Accounts, and Christmas/Vacation Clubs. Additional services include Mastercard credit cards, Pride Loans (alternative to payday loans), ATM/Debit cards, Bill Payment Center, Credit Counseling, Notary Services, and Payroll Deductions. The credit union also hosts community events including the annual African American Festival and Financial Wellness Workshop Series.

Differentiator

Problem solved

Functional benefit

Products and services

• Online Banking Digital banking platform enabling members to check account balances, transfer funds, view pending transactions, pay loans, manage mobile alerts, and download transactions to QuickBooks QBO format.
• Mobile Banking App Smartphone application available on iOS and Android platforms enabling members to access banking services including balance checks, transfers, and mobile alerts.
• Mastercard Credit Card Credit card product with maximum limit of $7,500, featuring variable APR rates from 9.99% to 18% based on credit qualifications. Processed through PSCU with online payment portal access.
• Auto Loans Vehicle financing for new and used automobiles including specialty vehicles. Rates range from 4.75% to 18% depending on vehicle type and credit history, with terms up to 84 months.
• Student Loans (Sallie Mae Smart Option) Partnership with Sallie Mae offering Smart Option student loans for college financing, providing an alternative financing method for higher education expenses.
• Home Equity Loans Fixed-rate home equity loans with rates ranging from 7.0% to 9.0% for terms up to 144 months, enabling homeowners to access equity for various purposes.
• Mortgage Loans First mortgage loan products with rates that change daily and terms up to 360 months, including HIMP (Home Improvement Mortgage) program at 9-12% rates.
• Signature Unsecured Loans Unsecured personal loans up to $15,000 maximum with rates ranging from 10.0% to 18.0% for terms up to 60 months.
• Holiday Loans Seasonal unsecured loans up to $2,500 for holiday expenses with rates from 9.0% to 17% and 24-month terms.
• Pride Loans Alternative to payday loans and title loans, providing short-term credit options including 5-for-5 ($500/5 months), 6-for-6 ($600/6 months), 8-for-8 ($800/8 months), 10-for-10 ($1,000/10 months), and 12-for-10 ($1,200/10 months) products all at 18% APR.
• Neighborhood/Home Revitalization Loan Program Low-interest equity loan program for homeowners in central city Toledo including Cherry Legacy neighborhood for infrastructure improvements and vital repairs. Maximum borrowing of $20,000, no cash-out option, funds paid directly to contractors.
• Share Accounts Primary savings account requiring minimum deposit of $250 and one-time $10 membership fee. Regular share accounts over $100 earn 0.05% interest.
• Certificates of Deposits (CDs) Term deposit accounts with rates ranging from 0.10% for short-term (3-6 month) to 4.00% APY for 12-month terms and 2.40% APY for longer terms.
• Christmas/Vacation Clubs Specialized savings accounts designed for saving toward holiday expenses or vacation costs with periodic contribution options.
• Checking Accounts Transaction accounts enabling everyday banking activities including direct deposits, bill payments, and check writing.
• Bill Payment Center Online bill payment service for utilities, credit cards, and cell phones enabling automated recurring payments.
• Credit Counseling Financial guidance services to help members manage debt, improve credit, and make informed financial decisions.
• Notary Service Document notarization services available to members for official document verification.
• Share Secured Loans Secured loans using share account balance as collateral, with rate of 3.9% and terms up to 120 months.
• Payroll Deductions and Direct Deposits Automated deposit and deduction services enabling employers to deposit paychecks directly and set up recurring transfers.
• ATM/Debit Card Card-based access to account balances and withdrawals at ATMs, with 24/7 phone banking available.

Quantifiable outcome

• Assets of over $10 million and growing

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• Sallie MaecoreStrategic or Co-development PartnerSallie Mae partnership provides Smart Option Student Loans for college financing. Toledo Urban refers members and community members to Sallie Mae for education loans, enabling the credit union to offer student loan products without bearing the lending risk.
• Economic and Community Development Institute (ECDI)majorGTM or Marketing PartnerECDI served as Community Day Sponsor for the 2022 African American Festival. Supports community economic development initiatives.
• Toledo Museum of ArtminorGTM or Marketing PartnerActivity Station Sponsor for 2022 African American Festival Community Day, providing Baby Dragon Glass Blowing Station activity.
• Metro Parks ToledominorGTM or Marketing PartnerActivity Station Sponsor for 2022 African American Festival Community Day, providing climbing wall activity.
• National Heritage AcademiesminorGTM or Marketing PartnerActivity Sponsor for 2022 African American Festival Community Day.
• Toledo ZoominorGTM or Marketing PartnerActivity Station Sponsor for 2022 African American Festival Community Day.
• Human Relations CommissionminorGTM or Marketing PartnerCommunity Day Sponsor for 2022 African American Festival.
• Imagination StationminorGTM or Marketing PartnerParticipated as activity station at 2022 African American Festival Community Day.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Hope Credit Union: A community development financial institution and certified CDFI credit union serving underserved communities across the Deep South. Closely comparable to TUFCU in mission, member base, and emphasis on alternative lending products to underserved populations.
• Louisville Metro Federal Credit Union: Federally chartered community development credit union serving Louisville's underserved residents with alternative loan products. Comparable to TUFCU in single-metro geographic focus, CDCU charter, and member-targeted lending programs.
• Brooklyn Cooperative Federal Credit Union: A community development credit union serving working-class Brooklyn residents with a focus on financial inclusion and alternatives to predatory lending. Closely comparable to TUFCU in CDCU designation, small asset base, and community-anchored mission.
• Lower East Side People's Federal Credit Union: A community development credit union serving the Lower East Side of Manhattan with deep roots in immigrant and underserved communities. Directly comparable to TUFCU as a federally chartered CDCU with a hyper-local geographic mandate.
• Alternatives Federal Credit Union: Community development credit union in Ithaca, NY, serving low-income and underserved members with mission-aligned products and financial wellness programming. Comparable in CDCU model, scale (community-level asset base), and member education focus.
• Self-Help Federal Credit Union: Federally chartered community development credit union serving low-wealth communities across multiple states, with deep focus on responsible alternatives to payday lending. Directly comparable to TUFCU in CDCU structure, target segment, and product strategy.

Regional players

• Wright-Patt Credit Union: Ohio-based credit union serving Dayton and surrounding regions. Comparable as a regional incumbent credit union with overlapping digital and lending products, although it operates outside TUFCU's Toledo footprint.

Broad incumbents

• Coastal Credit Union: A larger North Carolina-based credit union offering full retail banking services. Represents the broader incumbent credit union model against which TUFCU competes for deposit and loan share within Toledo.
• Navy Federal Credit Union: The largest US credit union by assets, offering full-service banking to military members and broader groups. Relevant as the scale benchmark and as a competitive threat where members may qualify for multiple credit union memberships.
• PenFed Credit Union: One of the largest US credit unions offering a broad retail and digital banking suite nationwide. Serves as a benchmark for product breadth and digital capabilities that small CDCUs like TUFCU cannot match at scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/ToledoUrban
• Xx.com/toledourban
• LinkedInlinkedin.com/company/toledo-urban-federal-credit-union

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 Toledo Urban Federal Credit Union