SEVEN SEVENTEEN Credit union is now open to all

Officials expect the change to eventually boost membership growth to 10 percent a year.
By CYNTHIA VINARSKY
VINDICATOR BUSINESS WRITER
WARREN -- Seven Seventeen Credit Union is opening its once-limited field of membership to include anyone who lives, works, worships or goes to school in Mahoning, Trumbull or Columbiana counties.
Gary Soukenik, president and chief executive, announced the expansion at a press conference Tuesday after the changes were approved by state regulators in the Ohio Division of Financial Institutions. He said Seven Seventeen has been growing at an average rate of 6 percent annually, but officials expect that average to eventually rise to 10 percent with the new membership base.
"We do expect and we hope for the opportunity to expand further," Soukenik said, "But we don't expect a huge influx of members right away, because people don't shop for financial services everyday."
Membership: Seven Seventeen is the third largest credit union in Ohio, but until now its managers had to turn away prospective members unless they were connected in some way with one of the 900 companies or organizations affiliated with the credit union.
An increase in membership will be advantageous to the credit union's members, the CEO said, because it will allow for more and better services at a lower cost.
"One of the big differences between banks and credit unions is that banks must pay a return to their shareholders," he said. "Our owners are our members, so we only have to do what we think is in the best interest of our members."
Counties: Soukenik said the expanded membership base will serve a different function in each of the three counties.
In Trumbull County, where Seven Seventeen has many affiliated companies and groups, credit union services were available to about 80 percent of the population even before the expansion. There, he said, the credit union will concentrate on getting the word out that membership is now available to almost anyone.
In Mahoning, where the credit union has offices in Austintown and Boardman, he thinks the expanded membership will offer massive growth opportunities.
While Seven Seventeen has no offices in Columbiana County, he said customers there can take advantage of the credit union's remote services, such as online banking, telephone loan information and application service and direct deposit of payroll checks.
vinarsky@vindy.com