Worcester Business Journal

8 Worcester Business Journal | Book of Lists 2017 | wbjournal.com W hen employees of the New England Electric System (NEES) launched a not-for-profit credit union in 1952, they probably didn't imagine how well the institution would be thriving 65 years later. Indeed, the Central One Federal Credit Union continues to serve the ever-changing financial needs of its members who live and work throughout Central Massachusetts. Central One's top priority is its approximately 30,000 mem- bers. "We operate for the benefit of our members," says David Kaiser, Assistant Vice President of Retail Services. "Unlike traditional banks, we don't have the conflict of balancing the interests of the owners versus those of the customers. Our customers are our owners (referred to as Members). One hun- dred percent of our success is returned to our members in the form of excellent products and services with lower fees and better rates." Those services include not only savings and checking accounts, and competitive rates on credit cards, Certificates, IRAs, loans and mortgages, but also a number of special pro- grams. The My Choice Refinance Mortgage allows homeown- ers to choose the term that will help them pay off their mort- gage by the time they retire. This low-rate program has virtu- ally no closing costs and a simplified closing process. The Future Focus product-suite provides first-time borrow- ers with special incentives on credit cards, car loans and home mortgages. A 1% interest rate reduction on car loans and credit cards helps first-timers manage their buying power. Those preparing to buy their first home can earn an extra 1% by depositing regularly into a special "down-payment" savings account. Then, when they finance the home with Central One, they receive 1% of the value of the mortgage toward clos- ing costs. "These programs help first-timers get over some of the hurdles," says Kaiser. In April, Central One relaunched its expanded Auburn branch with a new open-concept environment that Kaiser says, "…allows for a more comfortable and efficient interac- tion." Instead of the traditional teller line, members find a lobby with high-top workstations staffed by employees trained to assist them with all their needs from start to finish. "We will initiate the same concept at our Shrewsbury headquarters during the second half of 2017 and plan to convert our other branches in 2018," Kaiser said. Central One has a proud history of Community involve- ment and has been recognized many times throughout the years. A 20-year member of the Corridor Nine Chamber of Commerce, the credit union was recently honored as Corporate Citizen of the Year. Central One has also received more awards for its involvement with local schools than any other Chamber member. As an example, Central One recently pledged $750,000 to Shrewsbury High School for its turf field project. Additionally, Central One has been teaching financial literacy in local schools for nearly 20 years, with employees providing infor- mation on all aspects of banking, budgeting and managing debt. In recognition of the credit union's special relationship with its members, each spring Central One celebrates Member Tribute Month. The institution holds special weeklong events at each branch, capped off by a "Family Fun" Saturday, featur- ing hotdogs, ice cream, clowns, magicians and more. More than six decades after its inception, Central One Federal Credit Union continues to provide innovative prod- ucts and programs for members as it maintains an active community presence. "Being a not-for-profit institution means we don't need to build into our pricing large profit margins to reward investors; rather, it affords us the opportu - nity to do more for the members and communities we serve," said Kaiser. n Member and Community Centric Street Address: 714 Main Street, Shrewsbury MA 01545 Phone Number: 508-842-7400 Website: www.centralfcu.com Product or Service Description: Not-for-Profit Credit Union offering a full array of banking products and services. Insurance and Investment management offered through affiliates Oak Tree Insurance Agency and W.F. Financial Services. Number of Employees: 100 Head of Company and Title: David A. L'Ecuyer, President and CEO Year Founded: 1952 CENTRAL ONE FEDERAL CREDIT UNION P H O T O / C O U R T E S Y A D V E R T I S E M E N T

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