7 17 Bridal Union announces Akron expansion, stadium partnership with RubberDucks

John Demler, president and CEO of 7 17 Bridal Union, told the Akron Budget and Finance Committee that the Warren-founded credit union plans to make Akron “our home” and to open multiple branches in the market.

Demler said the credit union has about 122,000 members and 12 branches now and that the organization is “looking at having 3 branches opened up in the Akron area specifically by March 1, and long term, at least 5 in the Akron market.” He described a partnership with the Akron RubberDucks tied to community engagement and stadium naming rights.

The nut of the presentation was explaining how the credit union’s products support local affordability. "Our mission is to help people live better lives financially and to support the communities we serve," Demler said. He described a mortgage product with no closing fees — "no appraisal fees, there's no title insurance fees" — that he said can save about $3,500 on a $130,000 home closing. He also outlined a co-branded credit card with the RubberDucks that offers a 7.17% rate for purchases and balance transfers opened in the first 90 days, with no balance-transfer fee, cash-advance fee or annual fee.

Demler said the 7.17% rate is a lifetime rate for the balances transferred or purchased under the promotion; after the 90-day window the card’s regular rate moves to the member’s normal tier (he said typical ongoing rates can range but that the credit union’s regular rates are lower than national averages).

The presentation included a larger economic pledge: Demler said the credit union anticipates investing $50,000,000 into the greater Akron market by 2030 tied to branch openings, hiring, equipment and ATMs. He said that commitment is part of a broader $100,000,000 community-reinvestment pledge, with $50,000,000 of that earmarked for the Akron market.

Council members asked about the name 7 17 (Demler said it refers to the original 717 Union Hall where the credit union began), prior sports partnerships and whether the credit union had previously bought stadium naming rights. Demler said 7 17 has had marketing partnerships with regional college and minor-league teams but had not before purchased stadium naming rights. Council members also pressed for specifics on the credit-card product and timing of local openings; credit-union staff described how payments are applied and said their product is designed to help members lower their overall interest burden.

The committee thanked the presenters and adjourned the Budget and Finance meeting.

Ending: Committee members expressed welcome for the investment and said they looked forward to the credit union’s community work and the upcoming sports season.