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www.wbjournal.com Worcester Business Journal Business Profiles 2014 27 t he first credit union in the United States was formed in 1908 as a place where blue-collar workers could safely keep their hard-earned cash and borrow money at a reasonable inter- est rate. Webster First Federal Credit Union, founded on January 20, 1928 by a group of gentlemen of Polish heritage who sought to establish a "thrift institution," embraces those same principles. From inauspi- cious beginnings – the first office opened on Main Street in Webster with 24 depositors and an initial capital investment of $350 – Webster First has grown to over half a billion dol- lars in assets with more than 50,000 members. From its inception, Webster First realized the value in collaboration and organizational support, so it joined the Credit Union League of Massachusetts (CULM) in 1936. Within 17 years, the credit union grew its membership to 900 and amassed assets of $815,000. In 1964, Webster First joined the Massachusetts Share Insurance Corporation (MSIC), and at its 50th anniversary mem- bership rolls had blossomed to more than 13,000 and assets increased to $40.5 million. In 1995, Webster First changed its charter to become a federal credit union and joined the federally-operated National Credit Union Administration (NCUA). As a result, the credit union earned the go-ahead to move into commercial lending. By 2000, assets had grown from $200 million to $300 million. In the following five years, Webster First built new branches in Worcester County to include Auburn, West Boylston, and Worcester, and boosted assets by another hundred million dollars. Acquisitions have played a significant role in Webster First's growth. Mergers with seven smaller credit unions extended its membership to include Worcester, Essex, Middlesex, and Suffolk counties. More recently, Webster First merged with four federal credit unions in one year: Saugus, Fitchburg, Winthrop, and Filene. These acquisi- tions secured Webster First in the top two percent of credit unions in the United States in terms of strength and surplus position in 2012. Webster First took its expansion efforts to new heights – literally – when it opened a three-story, 85,000 square foot operations center atop a beautifully landscaped prop- erty overlooking Pakachoag Hill in Worcester on June 22, 2009. The $12 million center includes executive offices; departments for processing debit cards and IRAs; loan operations, including mortgages, commercial and con- sumer; conference rooms where financial literacy pro- grams for the general public are held; and subsidiary companies, WebFirst Title LLC, WebFirst Mortgage LLC, WebFirst Insurance LLC, and First Mortgage Servicing LLC. One of the most technologically advanced in the city, this building creates the infrastructure by which Webster First will continue expanding. Cognizant of the importance of early education, Webster First personnel visit local schools to teach teens money management and prepare them for financial inde- pendence. A unique program, a Share Secure Loan, enables young members to borrow against their savings accounts without requiring a co-signer and helps to estab- lish credit. Jump Start Checking, a no-fee account for young adults from 16 to 22, offers a free debit card, Internet banking, and no-fee use of other ATM machines. Undoubtedly, strong leadership is vital to the success and growth of any organization. With more than 25 years of credit union experience, President and CEO Michael N. Lussier has led the institution with a sure hand. He has testified before Congress on credit union-related matters and actively participated in the Credit Union Ambassador Program aiding Australia and New Zealand. He is past director of the CULM Insurance Agency, past chairman of MSIC, and past chairman of the board of the National Association of Federal Credit Unions (NAFCU). "Webster First's integrity, core values, community busi- ness presence, and branch network will help us to con- tinue to service our members and expand in multiple areas," says Lussier. The credit union's tradition of trust, flexibility, accessibility, competence, and innovation with a focus on developing personal relationships has served the institution well for more than eight decades. "Good facilities, good people and technology will help us con- tinue that tradition." In 2014, Webster First has a total of 18 branches, includ- ing offices in Auburn, Boston, Charlton, Douglas, Dudley, Fitchburg, Hopkinton, Saugus, Spencer, Wakefield, Webster, West Boylston, Whitinsville, Winthrop, and Worcester, and online at WebsterFirst.com. n Webster First Federal Credit Union w o r c e s t e r , m a webster First Federal credit union Address: 271 Greenwood Street Worcester, MA 01607 Phone: 800-962-4452 Website: www.WebsterFirst.com Product or Service: Provides lending and deposit services within Essex, Middlesex, Suffolk, and Worcester counties. Number of Employees: 220+ Head of Company: Michael N. Lussier, President & CEO Year Founded: 1928