“Interestingly enough, we were actually started by the Superior Coach Company,” said Phil Buell, president and CEO of Superior Credit Union. “About 15 employees came together and started sharing their money. They literally sat around lunch tables, put $15 into a hat and started loaning it to each other.”
The credit union was founded in 1954 by employees of the former Superior Coach Company on Lima’s east side. More than 70 years later, Superior has grown into a nearly $2 billion financial institution while maintaining its roots in the Lima community.
“We’re made up by our members. Our members are all here locally,” Buell said. “Whenever you’re investing in the credit union or borrowing from the credit union, you’re indirectly promoting economic development here locally.”
As a cooperative, Buell said the organization reinvests its earnings back into the community instead of paying outside shareholders.
“All the money that we generate stays right here in the Lima community within the credit union,” he said. “You’re literally supporting yourself when you’re supporting Superior.”
Dave Stratton, president and CEO of Greater Lima Region, said the area has experienced significant growth in recent years.
“If you go downtown Lima, it looks different today than it did five years ago,” Stratton said. “We’re seeing companies like Google, Amazon and Target wanting to be a part of Lima, Allen County and the Greater Lima Region.”
Stratton said more than $70 million has been invested in downtown Lima, calling the current period a “generational” opportunity for the region. Buell said Superior Credit Union has been part of that momentum and believes the community is positioned for continued growth.
“What’s going on right now in the Lima community is so vital because I think we’re getting set up for the next 15 years,” Buell said. “I’m pretty optimistic about what the future looks like here in Lima.”
