(Columbus)--Donna Owens, director of the Ohio Department of Commerce, announced today the application approval for Ohio’s newest state-chartered credit union -- Great Lakes Credit Union, One SeaGate, Toledo. Ohio Superintendent of Financial Institutions W. Curtis Stitt issued the Certificate of Authority to Commence Business on Friday.

According to its state charter application, the credit union decided to seek a state charter following the AT&T Family Federal Credit Union court case and the injunction issued against the National Credit Union Administration's (NCUA) field of membership policy. The credit union was previously regulated by the NCUA.

In making the announcement, Director Owens said, "The Ohio Department of Commerce looks forward to working with Great Lakes Credit Union as it continues to service the needs of its members."

The credit union, with $20.5 million in assets, has branch offices located at:

• RiverPlace Center, State Rt. 25, Perrysburg

• 25875 State Rt. 25, Building 25, Perrysburg

• 5700 Monroe Street, Sylvania

The credit union also has a mobile branch which regularly visits the business locations of many of its members.

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The Ohio Department of Commerce’s Division of Financial Institutions regulates financial institutions chartered in Ohio. The superintendent serves as chief executive officer of the division and three deputy superintendents oversee the sections of Banks, Savings and Loans/Savings Banks, and Credit Unions. These sections are responsible for all examination, supervision and regulation activities of each specific industry. In addition to financial institutions, Commerce also regulates securities, industrial compliance, fire codes, unclaimed funds, and real estate, among other industries.