COLUMBUS, Ohio (7/25/13)--Credit unions in Cleveland and Ohio are safe and sound, Paul Mercer, president/CEO of the Ohio Credit Union League, wrote in a letter to the editor published in Tuesday's edition of The Plain Dealer.
"Credit unions in Cleveland and throughout Ohio are in great shape," Mercer wrote. "They are modern, convenient, consumer-focused and community-centric. Take a look; you will like what you see."
Mercer was responding to a July 18 article in The Plain Dealer about Cleveland-area financial institution failures.
Credit unions in the Cleveland market collectively share a net worth ratio of 11.86%--well above the industry average and nearly double the levels deemed strong by state and federal regulators, Mercer wrote.
Mercer described credit unions' not-for-profit, member-owned cooperative structure that returns profits to members. The core mission of credit unions is serving members, he wrote.
"They also provide competition to the for-profit structure, keeping products and services affordable and accessible to all," Mercer added.