Buckeye State Credit Union closes one local branch with no notice
Buckeye State Credit Union yesterday abruptly closed its Lake County branch amid efforts to cut costs.
The Akron-based credit union's board of directors decided Wednesday evening to close the Painesville branch, which had 2,200 customers, effective immediately.
Buckeye State started in 1933 to cater to postal workers and other federal employees in Akron. Over the years, it expanded to Shaker Heights, Canton, Alliance and Painesville. The credit union is in the process of notifying customers by email and mail.
"This was a difficult decision," CEO Jennifer Borowy said in an interview. "It's never easy to decide to close a branch." She noted the credit union is not-for-profit and doesn't have shareholders, but is owned by its customers. This closure is aimed at looking out for "the future of the credit union and members as a whole," she said.
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