Worcester Business Journal

www.wbjournal.com Worcester Business Journal Business Profiles 2015 27 T he first credit union in the United States was formed in 1908 as a place where workers could keep their hard-earned cash and bor- row money at a reasonable interest rate. Webster First Federal Credit Union, founded on January 20, 1928 by a group of Polish gentlemen who desired to establish a "thrift institution," embraces those same principles. From humble 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 $635 million in assets. From its inception, Webster First was cognizant of 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 had secured assets of $815,000. In 1964, Webster First joined the Massachusetts Share Insurance Corporation (MSIC), and by its 50th anni- versary assets had 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 commer- cial lending. Following the turn of the century, Webster First built new branches in Worcester County to include Auburn, West Boylston and Worcester, as assets grew to $400 million. Webster First took its expansion efforts to a new level when it opened a three-story, 85,000-square foot operations center on a beautifully landscaped property overlooking Pakachoag Hill in Worcester on June 22, 2009. The $12 mil- lion center includes executive offices; departments for pro- cessing debit cards and IRAs; loan operations, including mortgages, commercial and consumer; conference rooms where financial literacy programs for the general public are held; and subsidiary companies, WebFirst Title LLC, WebFirst Mortgage LLC, WebFirst Insurance LLC and First Mortgage Servicing LLC. Mergers and acquisitions have helped Webster First to practically double in size over the last few years. Recently, Webster First merged with four federal credit unions in one year: Saugus, Fitchburg, Winthrop and Filene. These acqui- sitions helped strengthen Webster First's financial position within the top two percent of credit unions in the country. Webster First's expansion efforts have shown no sign in slowing down. In 2015 Webster First announced another merger in the Boston market, this time with Industrial Credit Union, which has been in operation since 1910. Both parties involved with this new merger have emphasized that this is a merger of equals as both credit unions are flourish- ing financially. Strong leadership is vital to the success and growth of Webster First, as is the case with any successful organization. With more than 25 years of credit union experience, President and CEO Michael N. Lussier has led Webster First with a sure hand. He has testified before Congress on credit union-related matters and is 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 continue 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 continue that tradition." Webster First is made up of 14 branches within Auburn, Charlton, Douglas, Dudley, Fitchburg, Hopkinton, Saugus, Spencer, Webster, West Boylston, Whitinsville, Winthrop and Worcester. n Webster First Federal Credit Union w o r c e s t e r , m a webster First Federal credit union Address: 275 Greenwood Street Worcester, MA 01607 Phone: 800-962-4452 Website: www.WebsterFirst.com Product or Service: Full service credit union, focused on serving its members Number of Employees: 220+ Head of Company: Michael N. Lussier, President & CEO Year Founded: 1928 P h o t o s / C o u r t e s y

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