For those who prefer to do business with locally owned and operated firms then L&N Federal Credit Union is just the place to open a savings account or receive a loan, says Ron Lewis, L&N Federal Credit Union market president over Northern Kentucky and southeast Kentucky.

“We are the definition of locally owned and operated,” he says. That’s because L&N Federal Credit Union is a financial cooperative and therefore owned by its members, says Lewis.

That’s an important distinction from a bank. “We don’t serve shareholders. We serve our owners, which are our members,” he says. Because L&N Federal Credit Union doesn’t serve shareholders that means it is able to offer higher rates on deposits and lower rates on loans, says Lewis.

Although many people think of credit unions as being operated exclusively for the benefit of employees of a specific company or associated groups, Lewis says in 2004 the credit union changed to a Community Charter. That means anyone who lives, works, worships, attends school or belongs to any legal entity in its service area is eligible to join.

Because Hamilton County in Ohio is part of L&N Federal Credit Union’s service area anyone who lives, works, worships, attends school or belongs to any legal entity in Hamilton County is eligible to become a member. Becoming a member of L&N Federal Credit Union is as simple as opening a checking account, says Lewis.

L&N Federal Credit Union is a full-service financial institution that offers consumer loans, mortgage loans and commercial loans, he says. With assets of more than $1.1 billion and an array of products and services, L&N Federal Credit Union can offer everything necessary for someone’s personal or business finances. “We’re large enough to offer [loans] to the very small beginner to multimillion projects,” says Lewis.

An increasing focus of L&N Federal Credit Union is growing its commercial lending, he says. “A lot of people don’t understand that we do want to focus on the commercial side,” says Lewis. “We’ve been doing it for about 10 years now and we want an increased focus on the commercial lending side.”

That doesn’t mean the credit union is not going to continue to focus on consumer loans. “We are just as interested in helping members with their first car purchase or with their first mortgage or funding a multimillion real estate investment,” he says. “And we are diverse enough that we can do all of those things well.”

L&N Federal Credit Union has two branches in Northern Kentucky at 822 Donaldson Highway in Erlanger and 3450 Valley Plaza Parkway in Ft. Wright inside the Walmart store.

There’s also convenient online banking available for those on a personal computer, mobile phone or tablet device, says Lewis. “We actually have mobile check deposits so if you get a paycheck or a check from someone you can take a picture of it from that phone and make a deposit right there on the spot.”


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