History of the Credit Union


The Carey Poverello Federal Credit Union was organized April 28, 1950 with 36 members serving O.L.C. Parish, St. Nicholas parish in Frenchtown and St. Joseph parish in Salem. The credit union was founded by Fr Francis Xavier Knopp and Hilda Jacob was in charge of the daily operations.

The parish credit union is an instrument of practical charity and parish loyalty. “It’s somewhat similar to that prevailing in a family where help is extended with friendliness and dignity.” Said Fr Knopp. The credit union was named after St. Francis of Assisi who was known as the “Poverello” or the poor man.

The original office of the credit union was a house located at 245 Clay St. Office hours at that time were Wednesday 7:00 – 9:00 P.M. & Sundays from 9:00 to 10:30 A.M.


Founding Board of Directors included:

  • Ralph Brown – President
  • Fr Francis Xavier Knopp – Vice President
  • Hilda Jacob – Treasurer
  • J.A. Vaughn – Secretary
  • Emmet Orians, Henry O’Flaherty & Fred Dible – Board Members

To continue to meet the needs of the membership the credit union has had to grow and expand. The credit union moved from its house on Clay St. to renting space at Our Lady of Consolation School. There the membership continued to expand eventually resulting in another relocation for the credit union. The credit union boards decided to purchase and renovate the former Carey Body Shop automotive building.

And in June 1995 the credit union moved to its current location. The larger facility enabled us to provide more service to our members. The credit union has grown remarkably since its founding in 1950! We have grown from 36 members to well over 2000. The field of membership now include O.L.C. Parish, Transfiguration of the Lord Parish and chapels and All Saints parish chapels.

In 2016, Poverello Federal Credit Union expanded our field of membership and is now able to transact business with any person that lives, works, worships or has an immediate family member eligible to join in the counties of Wyandot, Hancock, Seneca, Crawford or Hardin County.