// Workers AI · dad joke modeWhy did Workers Credit Union go to therapy? It had union issues.
 | |
| Type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1914 |
| Headquarters | Littleton, Massachusetts, United States |
Number of locations | 16 (2023) |
Area served | Massachusetts |
Key people | Mary Heafy, Chair of the Board Jay Champion, Interim President and CEO |
| Products | |
| Total assets |  US$ $2.6 billion (2023)[1] |
| Members | 124,000+ |
| Website | www.wcu.com |
Workers Credit Union is a state-chartered credit union headquartered in Littleton, Massachusetts. Founded in Fitchburg, Massachusetts, in 1914, the credit union operates branches in several communities across Massachusetts, including Athol, Chelmsford, Fitchburg, Gardner, Groton, Hudson, Lancaster, Leominster, Lunenburg, Orange, Townsend, Westford, Worcester, and Lowell.[2]
Workers Credit Union reports assets exceeding $2.6 billion[3] and membership of more than 124,000 individuals. As a federally insured state-chartered credit union, it is regulated by the National Credit Union Administration (NCUA).
Workers Credit Union was officially chartered in 1914 and is assigned the NCUA charter number 66479.[4]
History
[edit]Workers Credit Union was created from the need for banking services for the Finnish population of Fitchburg. In 1911, John Suominen, business manager of the Finnish language newspaper Raivaaja, met with Massachusetts Banking Commissioner Pierre Jay to discuss the creation of a credit union serving local workers and immigrant residents. The credit union received its charter in 1914.[4]
During the following decades, Workers Credit Union expanded through a series of mergers and acquisitions with other Massachusetts credit unions. These included Gardner Municipal Credit Union, Nichols and Stone Credit Union, 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.
Mergers
[edit]Workers Credit Union expanded through a series of mergers with other Massachusetts-based financial institutions during the 2000s. In 2004, the credit union merged with Westford Municipal Employees Credit Union, which had operated for 25 years.[5]
In 2005, Workers Credit Union merged with Chelmsford Credit Union, which held approximately $5 million in assets at the time of the merger.[6]
In 2006, Workers Credit Union merged with Crobank Credit Union, founded in 1936,[7] and Peoples Community Credit Union,[8] founded in 1937 and holding approximately $11 million in assets.[9]
In 2017, Workers Credit Union acquired Braley Wellington Group, an insurance agency based in Central Massachusetts. Following the acquisition, the company continued operating under the Braley Wellington name and maintained offices in Worcester, Auburn, Millbury, and Leominster.[10]
PlanIt
[edit]Workers Credit Union operates financial service centers under the “PlanIt” brand in several Massachusetts communities.[11]
Operations
[edit]Workers Credit Union operates branch locations across central and northeastern Massachusetts and provides retail banking and financial services to individual and business members.[12] In 2015, the credit union announced plans to relocate its headquarters from Fitchburg to Littleton, Massachusetts. The new headquarters facility opened in 2020.[13]
Workers Credit Union also operates insurance services through Braley Wellington Group, an insurance agency acquired by the credit union in 2017.
The credit union offers digital banking services, including online and mobile banking platforms, as part of its consumer banking operations.
Community involvement
[edit]Workers Credit Union has participated in charitable and educational initiatives in Massachusetts, including partnerships with local nonprofit organizations and financial literacy programs.[1][14]
The credit union has also received industry recognition from organizations including the Credit Union National Association and regional business groups.[15]
Recognition
[edit]Workers Credit Union has received recognition from regional organizations and industry groups for its community programs, financial education initiatives, and marketing campaigns.
In 2020, the credit union received the Spirit of North Central Massachusetts Award for Corporate Leadership from the United Way of North Central Massachusetts for its participation in the organization’s 2019–2020 campaign.[16] During the same year, Workers Credit Union also received two CUNA Diamond Awards from the Credit Union National Association, including awards related to video marketing and financial education initiatives.[17][18]
In 2019, Workers Credit Union received the Harvester Award from the Worcester County Food Bank[19] and was recognized as a leading fundraiser for the Greater Gardner Relay for Life event.[20][21]
In 2018, Workers Credit Union was recognized in member surveys for technology and digital banking services in Central Massachusetts and Greater Boston,[22] and was included in Forbes' list of Best Credit Unions in Massachusetts.
References
[edit]- 1 2 "Workers Credit Union 2020 Annual Report" (PDF). wcu.com. Retrieved 2021-04-29.
- ↑ "New Workers Credit Union Branch Features Hologram, Robot". Bankerandtradesman.com. 2021-04-12. Retrieved 2021-04-29.
- ↑ "Workers Credit Union announces Doug Petersen's retirement, selects Jay Champion as Interim President/Chief Executive Officer". CUInsight. 2024-01-05. Retrieved 2024-01-06.
- 1 2 "National Credit Union Administration: Workers' Details". NCUA.gov. Retrieved 2017-03-21.
- ↑ Lipchitz, Rebecca (2004-01-22). "Lowell Sun Newspaper Archives:Westford Credit Union swallowed up by Fitchburg-based Workers". Newspaperarchive.com. Retrieved 2017-03-13.
- ↑ "Division of Banks Workers' Credit Union Activities" (PDF). Mass.gov. Retrieved 2017-03-21.
- ↑ "Crobank Credit Union, Westminster, Massachusetts". Creditunionaccess.com. Retrieved 2017-03-21.
- ↑ "Peoples Community Credit Union, Leominster, Massachusetts". Creditunionaccess.com. Retrieved 2017-03-21.
- ↑ "Division of Banks November 30, 2006 Activity Report" (PDF). Mass.gov. 2006-11-30. Retrieved 2017-03-21.
- ↑ "WORKERS CREDIT UNION TO ACQUIRE BRALEY WELLINGTON INSURANCE GROUP" (PDF). CreditUnions.com. 2017-04-25. Retrieved 2017-05-09.
- ↑ "A Massachusetts Credit Union Creates a New 'PlanIt' for Members". Credit Union Times. Retrieved 2024-01-06.
- ↑ "Fitchburg's Workers Credit Union building new Littleton headquarters". Worcester Business Journal. Retrieved 2024-01-06.
- ↑ Times, Boston Real Estate (2020-12-01). "Maugel Architects and Nauset Construction Complete Workers Credit Union Headquarters". Boston Real Estate Times. Retrieved 2024-01-06.
- ↑ "Workers Credit Union 2019 Annual Report". WCU.com. Retrieved 2020-06-16.
- ↑ "Workers Credit Union, Worcester Red Sox, LinkToVR, and LTI Business Solutions team up for first of its kind augmented reality game at Polar Park". CUInsight. 2024-01-05. Retrieved 2024-01-06.
- ↑ "Four Local Companies Receive United Way Spirit of North Central Massachusetts Award for Corporate Leadership". uwncm.org. 2020-10-28. Retrieved 2021-04-29.
- ↑ "2020 Diamond Award Winners Announced!". cunacouncils.org. Retrieved 2021-04-29.
- ↑ Hinkel, Chelsea. "Workers Credit Union won Best in Category in Financial Education for the Workers PlanIt App". adrenalineagency.com. Retrieved 2021-04-29.
- ↑ "Workers Credit Union receives 2019 Harvester Award from Worcester County Food Bank". ccua.org. 2019-11-21. Retrieved 2020-06-16.
- ↑ "Workers Credit Union". Forbes.com. 2018-06-26. Retrieved 2020-06-16.
- ↑ Landry, Stephen (2019-12-16). "Workers Credit Union group recognized as top fundraiser at 2019 Greater Gardner Relay for Life". thegardnernews.com. Retrieved 2020-06-16.
- ↑ "NEW ENGLAND CREDIT UNIONS BEST TECHNOLOGY & TOOLS ACCORDING TO THEIR OWN MEMBERS 2018". ambizmedia.com. 2018-12-12. Retrieved 2020-06-16.