MENTOR, Ohio (1/10/14)--Cardinal Community CU, with $172 million in assets, Mentor, Ohio, has taken the student-run branch to college. After opening a branch in a local high school in 2012, the credit union recently opened student-run branch at Lakeland Community College, Kirtland, Ohio.
The branch is part of a new financial-literacy education program at the college.
"We really saw a need for financial literacy," Christine Blake, Cardinal Community CU president/CEO, told News Now. "We partnered with the college because we both saw the benefit that this would bring to the community."
Blake has ties to Lakeland. Before taking over as CEO of Cardinal Community CU, she served as an adjunct professor at the college, where she taught accounting and auditing.
"The student branch didn't come as a result of my teaching, but by teaching there I had an appreciation of what was missing in terms of financial literacy," Blake said.
Lakeland Community College also previously hosted a credit union that merged into Cardinal Community CU.
"There were a lot of bits and pieces that made this a good fit for us," Blake said.
About 10 to 12 students are employed at the student-run branch under the supervision of a Cardinal Community CU branch manager. The branch is open 40 hours per week.
Each month the credit union, with participation and input from Lakeland faculty, will feature financial education sessions for students on a specific topic, Blake said. Cardinal will also offer four scholarships per year to qualified Lakeland students.