Worcester Business Journal

wbjournal.com | Book of Lists 2023 | Worcester Business Journal 7 A D V E R T I S E M E N T F ounded in 1952 as a credit union for New England Electric System employees, Central One Federal Credit Union (COFCU) became a community-based financial institution in 1998. This change paved the way for enhanced products and services, an expanded field of membership, and increased re-investment within the local communities. Since then, COFCU has become of the largest federal credit unions in Central Massachusetts. In March 2021, COFCU extended its membership to include anyone who lives, works, worships, volunteers, attends school, or owns a business in all of Worcester County and parts of Middlesex and Norfolk counties. Throughout its growth, COFCU has steadfastly supported its local communities through donations and hands-on involvement while offering financial products and guidance tailored to its members' unique individual needs. In August 2022, COFCU welcomed a new President and CEO, Devon Lyon, whose involvement with credit unions dates back to his youth. Lyon's mother worked for over 30 years as a comptroller for a credit union, and his father served on a credit union board. Given this history, you could say that credit unions are in his blood. Lyon emerged as the ideal candidate for the leadership position at COFCU due to his impressive background in the financial and credit union space. Having previously worked at the National Association of Federally Insured Credit Unions (NAFCU) before serving as COO at Direct Federal Credit Union in Needham, his years of expertise in the industry positions him to lead COFCU toward continued success. His experience ensures that COFCU would be in good hands to continue to be an outstanding pillar for the communities it serves. Drawing on the lessons he has learned throughout his career, Lyon aims to make COFCU into a true shining light in the credit union space. "Credit unions have been considered a best-kept secret," he said. "I don't want to be a best-kept secret. I want to be an ally to help with one of the most difficult aspects of life – finances. We are here to service needs, big and small, to help people make sense of all financial situations." Central One currently offers every major financial product, including savings and checking accounts; retirement planning; investments; insurance products; commercial loans; and others. "We have all of the same products you'd find at a large, national financial institution," Lyon said. Additionally, COFCU fills a critical need by providing financial education tools for youth to help them understand and manage their financial lives. "We're also building out additional educational vehicles," Lyon said. Lyon anticipates an upswing in digital banking in the coming years and emphasizes that Central One will continue to engage with members via robust online and mobile tools, albeit with a human touch. "A digital avenue to complete transactions will eventually far surpass in-person communication," he said, adding that technology will facilitate and enhance financial literacy across a spectrum of situations. However, Lyon pointed out that physical branches are, and will continue to be, important. "Branches are institutions of learning, offering seminars and answering questions," he said. "There are certain things that cannot be replicated digitally." He added that the usage and size of branches may change, but they will become "knowledge centers." For the past 20 years, Lyon has seen an uptick in consolidation within the industry. He noted that, while this trend continues, Central One remains on solid ground. "We are in a position of operating from commercial and community strength," he said. "We've been here for 70 years and will be here for the next 70 years. We are not going anywhere." n Central One Federal Credit Union: Emphasizing World-Class Service and a Commitment to Communities Street Address: 714 Main Street, Shrewsbury, MA 01545 Branches in Auburn, Milford, Northborough, Shrewsbury, Westborough, Worcester (Saint Vincent Hospital) Phone Number: 508-842-7400 Website: www.centralfcu.com Product or Service Description: Full-service not-for-profit credit union Number of Employees: 140 Head of Company and Title: Devon Lyon, President and CEO Year Founded: 1952 CENTRAL ONE FEDERAL CREDIT UNION P H O T O S / C O U R T E S Y Devon Lyon, President and CEO COFCU exterior, Shrewsbury, MA

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