Worcester Business Journal

12 Worcester Business Journal | January 8, 2024 | wbjournal.com DCU spreads its wings nationally BY LIVIA GERSHON Special to WBJ D igital Federal Credit Union began in 1979 as a financial institution for employees of Central Massachusetts tech giant Digital Equipment Corp. Since then, it's become a regional leader, with more than $12 billion in assets and 1.1 million members. And, somewhere along the line, a funny thing happened. Members began signing up not just from the Massachu- setts and New Hampshire communities where the credit union has physical branches, but from all the country. Today, about half its members are from outside that geographical area, living in every state and Puerto Rico. "DCU didn't have a goal to become national," President and CEO Shruti Miyashiro said. "It became national because of how we deliver products and services." Miyashiro said the credit union grabbed the attention of potential members around the country by getting recognition for its products – from high-yield savings accounts to low-in- terest credit cards – in publications like Money Magazine and Business Insider. It's not just the cold numbers that matter to potential members, Miyashiro said, but the purpose of the credit union, which revolves around the diverse needs of the people it serves. "We define our success as measured by the success of the people who bank with us," she said. e trust DCU inspires has been an especially important asset in 2023, a year with some of the largest bank failures ever, including the dramatic collapse of California-based Silicon Valley Bank in March. "Consumers have been frustrated by traditional banking," Miyashiro said. "For us, it's turned into an opportunity for growth, because members who do the research on us see we have a very strong capital position." At the same time, DCU stays true to its roots, including a notable commitment to Massachusetts immigrant communities. During its early years, many of the DEC employees it served were in the country on H1B visas and were unable to get services like car loans from traditional institutions. So DCU developed an expertise in serving that market, and today it does steady business with the growing immigrant communities of Central Massachusetts and Southern New Hampshire. DCU balances different types of banking, cultivating a commercial lending side to complement its majority retail business. Miyarshiro said it's seen 9% growth in its commercial portfolio over the past year, focusing largely on real estate in Massachusetts, New Hampshire, and Rhode Island. "We have a really well-diversified portfolio," she said. "We want to make sure that we're helping both commercial and retail consumers." e credit union continues to support local communities with its DCU for Kids foundation. It works closely with partners around the region to provide food, health care, and other needs for children. "Giving back is rooted in the ethos of DCU," Miyashiro said. BEST CREDIT UNION DCU – Digital Federal Credit Union* Marlborough and Chelmsford www.dcu.org Top executive: President & CEO Shruti Miyashiro Founded: 1979 Employees: 1821 Notable runners-up: Central One Federal Credit Union, Webster First Federal Credit Union B E S T O F B U S I N E S S P R O F E S S I O N A L S E R V I C E S W DCU partnered with nonprofit A Bed For Every Child to assemble beds for those in need. Worcester City Hall BEST HEALTH INSURANCE PROVIDER Blue Cross Blue Shield of Massachusetts* Headquartered in Boston with offices in Worcester, Hingham, and Quincy www.bluecrossma.com Top executive: CEO Sarah Iselin Founded: 1937 Employees: 4,000 As part of its role in trying to stem the opioid epidemic, Blue Cross made the decision to cover, with no cost share to members in Massachusetts, the overdose reversal medication Narcan for over-the- counter nonprescription use. This was part of the insurer's broader commitment to providing health insurance affordably, equitably, and seamlessly. Notable runner-up: Harvard Pilgrim Health Care n BEST COMMUNITY FOR BUSINESS City of Worcester Worcester WorcesterMA.gov Top executive: City Manager Eric Batista Founded: Incorporated as a City 1848 Employees: 1,942 City of Worcester officials believe the backbone of its local economy is the thousands of locally owned and diverse small businesses. In 2023, the City leveraged nearly $2 million in federal American Rescue Plan Act funds to provide grants to 200+ small businesses, understanding many companies are still confronting the lingering effects of the coronavirus pandemic. Notable runners-up: City of Marlborough, Town of Shrewsbury n BEST CHAMBER OF COMMERCE Worcester Regional Chamber of Commerce* Worcester worcesterchamber.org Top executive: President and CEO Timothy Murray Founded: 1875 Employees: 14 The Worcester chamber is the largest in New England, serving 2,300+ members in 35 Central Massachusetts communities, along with seven affiliate chambers in Auburn, Blackstone Valley, Clinton area, Latin American Business Organization, Wachusett area, and Webster, Dudley, Oxford. The chamber hosts 200 events each year, including in September for a special business and government forum focused on creating more economic opportunities with Ghana. Notable runners-up: Corridor 9/495 Regional Chamber of Commerce, Blackstone Valley Chamber of Commerce n BEST BANK UniBank* Whitinsville www.unibank.com Branches: 14 Top executives: Michael Welch, CEO; Christopher Foley, president; Justine DeNorscia, executive vice president Founded: 1870 Employees: 271 With $2.1 billion in local deposits and $2.6 billion in assets, UniBank strives to be a true local community bank for businesses, individuals and governments, with initiatives like local hiring, supporting local businesses, and active participation in community events. Notable runners-up: Cornerstone Bank, Fidelity Bank, Bay State Savings Bank n BEST ACCOUNTING FIRM Bollus Lynch, LLP Certified Public Accountants & Consultants* Worcester Bolluslynch.com Top executive: Managing Partner Michael Bollus Founded: 1989 Employees: 33 With 15 certified professional accountants on staff, Bolus provides audit, tax, and general business advisory services to clients in a professional, timely, and economical manner. The firm serves a wide

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