Workers Credit Union is a state-chartered credit union headquartered in Fitchburg, Massachusetts. The credit union was established in 1914, has more than $1.5 billion in assets, over 93,000 members, and operates sixteen full-service branches located in Fitchburg, Acton, Chelmsford, Gardner, Groton, Lancaster, Leominster, Lunenburg, Orange, Westford, and Townsend. As the organization is a federally insured state-chartered credit union, Workers Credit Union is regulated by the National Credit Union Administration (NCUA). Workers Credit Union was officially chartered in 1914 and was assigned the NCUA charter number 66479.
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History
Workers Credit Union was created from the need for banking services for the Finnish population of Fitchburg, first realized in 1911 by John Suominen, the business manager of Raivaaja. That same year he met with the State Banking Commissioner, Pierre Jay, to discuss those needs and to lay the groundwork for establishing a credit union. The Workers Credit Union charter was approved in 1914. In the following years, Workers Credit Union grows by acquiring Gardner Municipal, Nichols and Stone and Orange Credit Union in 1980, Cleghorn Credit Union in 1982, Gardner Polish-American Credit Union in 1984, Atlantic Union College Credit Union and Heritage Credit Union in 1992, Nashoba Credit Union in 1993 and Fitchburg Postal Employees Credit Union in 1998.
Recent Mergers
In 2004, Workers Credit Union merged with 25-year old Westford Municipal Employees Credit Union.
In 2005, Workers Credit Union merged with the $5 million assets Chelmsford Credit Union.
In 2006, Workers Credit Unions merged with Crobank Credit Union, founded in 1936 and owning assets of $1 million, and Peoples Community Credit Union, founded in 1937, with assets of $11 million.
In April 2017, Workers Credit Union acquired and partnered with one of Central Massachusetts' leading retail insurance agencies, the Braley Wellington Group, a full service insurance agency with over 200 years of insurance expertise. The Braley Wellington Group provides a complete range of commercial and personal insurance products as well as a full-time claims department, and operates out of four locations in Worcester, Auburn, Millbury and Leominster.
Operations
Workers Credit Union operates neighborhood branches and ATMs in several North Central Massachusetts communities. In January, 2016, Workers Credit Union announced that it had broken ground on a new Littleton branch on 119 Russell Street.
In addition to neighborhood branch locations, Workers Credit Union also maintains high school branch offices at Chelmsford High School, and Montachusett Regional Vocational Technical School. All branches have 24 hour Automated Teller Machines (ATM). In addition, Workers Credit Union is a member of the SUM (interbank network), Cirrus (interbank network), Money Pass, NYCE and Co-op ATM Networks, giving members' access to thousands of ATMs without incurring an ATM surcharge.
Recognition
The Credit Union was last examined for compliance with the REINVESTMENT ACT PERFORMANCE in September, 2011 and received the CRA rating "Outstanding" for having an excellent record of meeting the credit needs of its entire assessment area, including low- and moderate-income individuals.
Source of the article : Wikipedia
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