944 Pillar Credit Union

Overview

944 Pillar Credit Union is a nonprofit financial institution located in Ohio, designated as a 501(c)(14) state-chartered credit union. Established in 1960 as Marion Erie Credit Union to serve the financial needs of railroad workers, the organization has evolved over the decades to accommodate a broader community of members across several Ohio counties.

History

Pillar Credit Union was founded in 1960 to provide financial services to Erie Lackawanna Railroad employees and their families. Initially named Marion Erie Credit Union, it was state-chartered and focused on the specific needs of its members. Over the years, the credit union has undergone significant transformations, including mergers with Quaker Credit Union in 1977 and Parker-Elgin Federal Credit Union in 2003.

In 1998, the credit union transitioned to a community-chartered institution, expanding its membership base to include residents of Marion County. Further expansions occurred in 2008 with the inclusion of Morrow County and additional counties—Crawford, Wyandot, Richland, and Hancock—in 2018. In 2020, the organization adopted the name Pillar Credit Union to better reflect its service to over 9,000 members across these regions.

Mission and Services

Pillar Credit Union aims to strengthen the financial fitness of its members by offering various financial products and services designed to meet diverse needs. Its offerings include savings accounts, loans, and financial education. The institution emphasizes competitive interest rates and personalized service, prioritizing member satisfaction over profit generation.

As a not-for-profit cooperative, Pillar Credit Union returns profits to its members in the form of better rates and services. It operates under a unique governance structure that includes a volunteer board of directors, ensuring that every member has an equal vote in the organization’s operations and decision-making processes.

Financial Overview

In the fiscal year ending December 2023, Pillar Credit Union reported total revenues of approximately $5.5 million, primarily generated from program services and investment income. The organization’s financial health is evidenced by total assets exceeding $106 million, with a significant portion of expenses allocated toward personnel and operational costs.

Membership

Membership at Pillar Credit Union is open to individuals who live, work, worship, or attend school in Marion, Morrow, Crawford, Wyandot, Richland, or Hancock counties. Immediate family members of existing members and employees of participating companies also qualify for membership.

Pillar Credit Union maintains a commitment to providing accessible and affordable financial services, ensuring that members can achieve their financial goals in a supportive environment.

Conclusion

Pillar Credit Union continues its legacy of service, adapting to the changing needs of its members while remaining dedicated to community support and financial empowerment. As it looks toward the future, Pillar remains focused on strengthening the financial capabilities of its membership base and fostering a sense of community through cooperative banking.