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Theory Federal Credit Union is a full-service financial institution, dedicated to serving its membership. Originally state chartered as Lake County School Employees Credit Union in 1955 to serve school employees of Painesville Township, Madison, Fairport Harbor, Perry, Auburn Vocational and Kirtland school districts. The private schools of Phillips-Osborne, MacKenzie Memorial Public Library and Our Shepherd Lutheran School also eventually became sponsors of the credit union in time. In June of 1995 the credit union changed to a federal chartered credit union and changed its name to the current name of Theory Federal Credit Union. In the past few years we have expanded our membership to include the students and their family members of Painesville Township, Auburn Vocational, and Fairport Harbor school districts. Once a person is a member, they will remain a member until their account is closed. Each member' s immediate family (mother, father, brother, sister, children) is eligible to join.