Workers Credit Union

Workers' Community & News

Workers' Credit Union has always been community-minded and supportive of civic, social, cultural and industry-related organizations that help to make our community a better place in which to work and live.

From groups that provide the basic necessities of food, shelter and medical care to children and families, to the arts, and to those that help to create jobs and commerce, Workers' Credit Union looks to direct its support through many diverse channels. Consideration is afforded to any nonprofit organization whose efforts are in some way tied to enhancing the quality of life in North Central Massachusetts.

Workers' Credit Union provides corporate funding and support to many organizations in and around the area. In addition, many Workers' employees are actively involved with numerous community efforts. Collectively, Workers' employees volunteered nearly 5,000 hours of their time to over 60 different organizations in the past year alone. Below is a list of 15 of those organizations:

• American Cancer Society
• American Red Cross
• Fitchburg Art Museum
• Fitchburg State College Foundation
• Massachusetts Credit Union League
• Mount Wachusett Community College
• Montachusett Regional YMCA
• Nashua Valley - Council Boy Scouts
• Nashoba Valley Chamber of Commerce
• North Central Mass. Chamber of Commerce
• Our Fathers Table Parish Church
• Special Olympics of Massachusetts
• Thayer Symphony Orchestra
• Twin Cities Community Development Corporation
• United Way of North Central Massachusetts

For past news releases click here

In the News

Mortgage makeover

Cathy Benoit, vice president, and residential mortgage manager for Workers’ Credit Union  

 

Unlike our grandparents, who were generally mortgage-free when they retired, many homeowners in their fifties and sixties have 10, 20 or more years of remaining mortgage payments.

With rates at an all-time low, homeowners are rethinking their strategy and looking for ways to eliminate their mortgage by the time they retire. Homeowners should consider refinancing at a lower rate and reducing the original term of the mortgage – if the monthly payments meet their budget.

The good news is that many financial institutions will allow you to reduce your mortgage rate for a one-time fee, saving you thousands of dollars in closing cost. Shorter term mortgages are now available; for example, the credit union has 12- and 7-year programs, and they are very attractive because of the competitive rates with no closing costs, just an application fee.

Reducing your mortgage term by 10 or more years can mean tens of thousands of dollars in interest payment savings, which is as good as money in the bank.  Moreover, it is has a guaranteed rate of return, unlike the stock market.

When refinancing, homeowners should be careful using the equity in their home. If you have adequate equity based on today’s reduced values, you should consider using it for expenses that will increase the value of the home and not for depreciating assets.

It is a simple process to refinance your mortgage.  First, contact your financial institution to find out your current mortgage balance, interest rate and term. Once you that information, shop for the best mortgage rates and terms.

The general rule of thumb is that if you can realize a one percent savings over your current rate it makes sense to refinance. However, with so many financial institutions offering mortgages with no closing costs, it still might make sense to refinance as long as you can lower your interest rate or if have an adjustable rate mortgage.

Know your credit score.  Even if you refinance with your current bank or credit union, they’ll run a credit report.  At Workers' Credit Union, we will run a free credit report so you know whether you would qualify for a new mortgage.

A step closer

Cornerstone Performing Arts Center’s Pete Cormier (left) and Ellen Gorman-Guglietti thank Fred Healey, president and CEO of Workers’ Credit Union, for being the first contribution toward a challenge grant the organization received to renovate a new studio and performance space in downtown Fitchburg.

 Students pen winning essays

President and CEO of Workers’ Credit Union Fred Healey, hands the first-place award to NIE Essay Contest for Teacher of the Year winner Megan LeBlanc, 10, on Tuesday. Megan is a fourth-grader at Northwest School in Leominster. Standing behind from left, are second-place winner Olivia Wilson, 10, a fourth-grader at Johnny Appleseed School in Leominster, with her teacher, Jeanne Graffam, Megan’s teacher, Jan Yoder, third-place winner Taylor Howe, 14, an eighth-grader at Turkey Hill Middle School in Lunenburg, and her teacher Annica Scott.

FITCHBURG — Jan Yoder uses fun and engaging games to help her students understand difficult concepts.

Annica Scott works one-on-one with kids to make sure they’re successful.

And Jeanne Graffam is a compassionate listener when a student has a problem.

Those three area teachers inspired three of their students to nominate them for Teacher of the Year in the 2010 essay contest sponsored by Workers’ Credit Union and the Sentinel & Enterprise’s Newspaper in Education program.

Winning students were Megan LeBlanc, 10, of Northwest Elementary School in Leominster; Olivia Wilson, 10, of Johnny Appleseed Elementary School in Leominster; and Taylor Howe, 14, of Turkey Hill Middle School in Lunenburg.

All three received gift certificates to buy new bikes from GearWorks Cyclery in Leominster, courtesy of Workers’ Credit Union.

Yoder is a teacher who makes learning exciting, said LeBlanc. “She helps everyone learn through games she has us play in class,” she said after accepting her award from Workers’ Credit Union President and CEO Frederick D. Healey.

“(Yoder) is really nice, and makes it easier to learn things like math and science.” Howe said Scott is “the best teacher ever,” who helped Howe — who just finished eighth grade at Turkey Hill — through the seventh grade.

And Graffam was always available to help Wilson, who just finished fourth grade. “Whenever I have a problem, I go to her,” Wilson said of Graffam. “She’s talkative and funny, and really nice.”

The partnership between the credit union and the newspaper brings more than 215,000 editions of the Sentinel & Enterprise to 49 area schools, paid for by Workers’ Credit Union.

It’s a great way to promote literacy — through annual, serialized stories that run in the newspaper —and also connect students with what’s happening in their communities, Healey said.

“One of our initiatives is to reinvest in the community,” he said. “The community pays us back by rewarding us with educated employees and members of the future. We’ve seen more and more teachers embracing the program, which is just fantastic.”

Yoder said she’s used the serialized stories every year in her classes, and the kids “absolutely love them.” “It gets them involved in the newspaper and keeps them reading,” she said.

NIE is also a good conversation-starter among students and their families, and helps young readers be a part of an educated public, which will benefit local cities and towns in the future,

Healey said. “It’s going to be tomorrow really soon,” he said.

The honored teachers all said they were surprised and grateful to their students for thinking of them with the essays, and were surprised by gift certificates to Staples and Slattery’s Restaurant, which Healey gave them Tuesday.

Howe’s essay was “so touching,” Scott said. “I loved it,” she said. “It’s great to hear that you’ve made an impact, that you’ve made a difference in someone’s life. We don’t always get to hear that.”

Wilson is “such a great kid,” said Graffam, who noted all the teachers will be able to use their Staples gift cards to buy new supplies for
their classrooms.
 

CELEBRATING 75 YEARS - FITCHBURG ART MUSEUM OPENS THE 75TH REGIONAL SHOW ON SUNDAY, 27 JUNE

The Fitchburg Art Museum celebrates 75 years of its annual Regional Art and Craft show.   The exhibition will run from Sunday 27th June until September 5th with over 150 artists on display. Julia Courtney, Curator of Art, Springfield Art Museum will jury the show and select the very best to enter this extra special exhibition.

Kristina Durocher, the Museum’s Curator believes “the Museum is unique in that for seventy-five years it has encouraged and inspired regional artists to exhibit their work while most museums no longer display art created within their community. I'm proud to continue this tradition of support for artists working in North Central Massachusetts."

This exhibition of local artists is as popular in 2010 as it was in 1935.  It exists to encourage, discover, and support regional creative talent and extends to adult who live in towns and cities within a 25-mile radius of the Museum.  This year, the Museum is introducing two exciting elements – a new $250 prize for members, and free admission to those who celebrate their 75th birthday this year. Workers Credit Union, the exhibition sponsor, president and CEO Fred Healey is delighted by “the creativity and range of artistic expression of the art submitted for the exhibition. There's truly something for everyone to appreciate and admire."

The exhibition is supported by Cultural Councils of Acton/Boxborough, Ashburnham, Fitchburg, Harvard, Hubbardston, Leominster, Littleton, Lunenburg, Pepperell, Princeton, Stow and Townsend.
 
The Exhibition starts with an opening reception on Sunday 27 June from 1– 3 p.m.  Please call on 978 345 4207 or visit www.fitchburgartmuseum.org http://www.fitchburgartmuseum.org  for further details. The Museum is wheelchair accessible and is located at 25 Merriam Parkway, Fitchburg, MA 01420.

About the Fitchburg Art Museum
The Fitchburg Art Museum is North Central Massachusetts’s oldest and most treasured cultural institution, founded in 1925 through a bequest of artist and educator Eleanor Norcross.  Fourteen galleries house a diverse collection of over 3,000 objects spanning more than fifty centuries. These include American and European paintings, prints, drawings and decorative arts as well as Egyptian, Greek, Roman, Asian and pre-Columbian antiquities, and changing exhibitions. 

 Highlights from the permanent painting collections include masterworks from John Singleton Copley, Rockwell Kent, Georgia O’Keeffe, Joseph Stella, Raoul Dufy and Joseph Wright of Derby.

Hours: Wednesday – Friday, Noon – 4pm, Saturday and Sunday 11 am – 5 pm.  Closed Monday’s. Admission: Free for members; $7 for adults.  $5 for seniors and students (13+).  Fitchburg Art Museum supports Fitchburg’s First Thursday program and is free from 4.30 p.m. – 8 p.m. every first Thursday of the month.  The Museum is wheelchair accessible. Info: Call 978 345 4207 or
visit www.fitchburgartmusuem.org/.

Contacts: Peter Timms – Director. Email -  ptimms@fitchburgartmusuem.org. Phone – 978 342 4207 ext 301 - Fiona Casey –Director of Marketing. Email – fcasey@fitchburgartmuseum.org or phone – 978-342-4207 ext 312
 

Have you balanced your budget?

Linda Lagoy, vice president, regional manager and Fitchburg branch manager for Workers’ Credit Union

We have discussed a variety of financial topics over the past year, but there is probably no topic more important than creating a family budget. In the book “The Millionaire Next Door,” the authors write about a schoolteacher who became a millionaire, and a doctor who earned nearly $1 million annually and was struggling to maintain his lifestyle.

Your financial health is usually determined by what you spend, not what you earn. We encourage our members to create a family budget. While most people have a general idea of what they spend, they are usually surprised to learn how dozens of small purchases each month can add up.

The first step in creating a budget is to track all your expenses for a typical month.  Ask for a receipt for every single purchase, including coffee, soda and the quick candy bar to hold you over until dinnertime. It’s tedious, but you can simplify the exercise by keeping an envelope in your car.  Ask for a receipt and drop it into the envelope.

Once you have gathered all your records, housing, utilities, taxes, food, automobile, insurance, etc., it is time to create a budget. 

The next step is to list all your sources of income each month, followed by your fixed and variable expenses. Most people find it helpful to categorize their expenses by broad categories: housing, which includes mortgage payments, rents, utilities, taxes, insurance and maintenance. Food would include your monthly grocery bill, plus dining out.

Many of you have heard the old saying, pay yourself first.  Don’t forget to include the most important line – savings –for college, emergencies, retirement and major purchases. 

The most important part of making a budget work is sticking to it. Virtually everyone is surprised to learn how those daily or weekly runs to the store can add up.

One of the best ways to manage small daily purchases is to budget a fixed amount for coffee, soda, snacks and lunch each month. Once the money is gone, don’t spend anymore until the next month.

There are numerous ways people manage their budget. Some people find it difficult sticking to a budget because of credit and debit cards. By only using cash, though, they are able to stay on track.

The most important step is to first create a budget and then develop strategies that aren’t too onerous and will keep you within your budget.
 

Chelmsford’s Francisco is Workers’
scholarship recipient

Jim Francisco (center) of Chelmsford accepts, on behalf of his daughter Emily Francisco, a $1000 scholarship from Workers’ Credit Union’s Fred Healey (2nd from right), president and CEO, and Cristina Underhill (2nd from left), branch supervisor, as Principal Anne O’Bryant (left), Chelmsford High School, and Dr. Donald Yeoman (right), superintendent of Chelmsford’s public schools , look on.

Chelmsford, MA (June 3, 2010) – Chelmsford High School’s Emily Francisco has received a $1,000 college scholarship from Workers’ Credit Union.

“Emily’s dedication to community service, participation in school activities and clubs was outstanding,” said Fred Healey, president and CEO of Workers’ Credit Union, which makes the annual award to a graduating senior at the school. 

 Francisco, who plans to pursue a liberal arts education with a focus in English and studio art/art history, served on numerous groups and organizations, including the Red Cross Club, The Voice and the Theatre Guild.
 

Acton’s Pantano receives Workers’ scholarship

Mark Pantano of Acton accepts a $1000 scholarship from Workers’ Credit Union’s Fred Healey (right), president and CEO, and Leslie Blair (3rd from  right), branch supervisor, as Kathleen Pantano (2nd from left), Principal Dr. Alixe Callen (left), Acton-Boxborough Regional High School, and Dr. Stephen Mills (2nd from right), superintendent of schools, look on.

Acton, MA (June 3, 2010) – Acton-Boxborough Regional High School senior Mark Pantano has received a $1,000 college scholarship from Workers’ Credit Union.

“Mark’s dedication to community service, participation in school activities and clubs was impressive,” said Fred Healey, president and CEO of Workers’ Credit Union, which makes the annual award to a graduating senior at the school. 

Pantano, who plans to attend the University of Pennsylvania, participated in music, as well as the speech and debate teams and a youth ministry group.
 

Acton students learn
how to manage money
 

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Ms. Katie Oxnard’s sixth-grade class from C.T. Douglas School in Acton at Workers’ Credit Union’s Rte 2A branch for a field trip, as part of a five-week program on money, sponsored by the credit union.
 
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Ms. Melissa Hubbell’s sixth-grade class from C.T. Douglas School in Acton visits Workers’ Credit Union’s Rte 2A branch for a field trip, as part of a five-week program on money, sponsored by the credit union.

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Workers’ Credit Union’s Shawn Linehan explains how an ATM works to Ms. Melissa Hubbell’s sixth-grade class from C.T. Douglas School in Acton following a five-week program on money, sponsored by the credit union.
 

Acton, MA (June 3, 2010) –  It was a crash course in money management for the sixth-grade students at C.T. Douglas School, who not only learned how to manage money but enjoyed a field trip to Workers’ Credit Union.

“The credit union provided an overview of money, along with age appropriate strategies to manage it,” said Shawn Linehan, assistant vice president and branch manager for the credit union, who has taught the curriculum for the past five years.

“Money Makes Cents,” a five-week program, includes 45-minute lessons on topics such as the history of money, how it is created and circulated, how to earn and spend their hard-earned dollars and most importantly, the importance of saving for the future.

To conclude the program, sixth-grade teachers Melissa Hubbell, Katie Oxnard and Catherine Christensen accompanied their students on a tour of Workers’ Credit Union’s Route 2A branch.
 

Credit union readies for Relay for Life

Workers’ Credit Union’s Relay for Life Team members Patty Wayrynen, Nancy Seguin and Donyce Fleck  have established a $17,000 goal for the American Cancer Society’s annual event held every June in Gardner, MA. This will be the 16th consecutive year the credit union has participated, with fifty-five employees and their families joining the effort this year.

Paying for college: It pays to do your homework

Linda Lagoy, vice president, regional manager and Fitchburg branch manager for Workers’ Credit Union

The numbers can be staggering - $20,000 for state schools to more than $50,000 for an Ivy League education. If you are a parent, don’t get discouraged. By following a three-step process, you can take some of the mystery and pain out of financing a college education.

Step one – secure as many scholarships and grants as possible

The good news is that the majority of college-bound students qualify for merit and/or needs-based grants and scholarships. There are numerous scholarships, so it is important to check in with the high school guidance department and college financial aid offices.

To qualify for federal aid, grants and scholarships, make sure you don’t miss the deadline for completing the Federal Student Aid (FASFA) application. The deadline for Massachusetts is generally May 1.

Since scholarships don’t have to be paid back, you’ll want to maximize these before securing students loans. 
 

Step two – maximize the use of federal student loans

If you are like most families, you will need to take out a loan to finance a four-year education. There are two types of student loans: federal and private. Federal loans generally offer fixed interest rates, generally lower than those of private loans. There are a couple of different federal loans programs:

Federal Stafford loans provide fixed-rate, low-interest loans. The amount available depends on a variety of factors.

Federal Perkins loans are a low-interest loan for families with exceptional need, similar to subsidized Stafford loans.  The big difference is that there are no fees and a longer grace period. 

A Federal Parent PLUS loan is taken out in the parents’ name, and they are responsible for paying it back, unlike the Stafford or Perkins loans, which are taken out in the name of the student.
 

Step three – if necessary, secure a private loan

If you must borrow additional money after securing grants, scholarships and federal loans, you’ll need to approach a private lender, such as a credit union or bank.

When securing a private loan, be sure to shop carefully. Some lenders charge origination fees of 1 to 3 percent up front.  At our credit union, the student loan program features include zero origination fees, lower interest rates, in-school deferred payment, co-signer release, and a graduated repayment option.

It pays to do your homework. Carefully maximizing grants and scholarships, and shopping for the best interest rates can save you thousands of dollars.
 

Bulman joins Workers’ Credit Union
as a mortgage originator

Fitchburg, MA (May 21, 2010) – Frederick P. Bulman of Athol has joined Workers’ Credit Union as a mortgage originator.

In his position, Bulman will assist home buyers with their mortgage applications in the greater Athol, Orange and Gardner markets.

Bulman has over 26 years of mortgage experience and was most recently with Athol-Clinton Co-Operative Bank. He graduated from Fitchburg State College, as well as the National School of Banking at Fairfield University in Connecticut.

He is married, with two adult children.

Fitchburg Letter Carriers’ Food Drive is May 8th

Fitchburg, MA (For Immediate Release) – This marks the 18th year the Fitchburg letter carriers are participating in the National Association of Letter Carriers’ Food Drive, which is Saturday, May 8.  Postal patrons can leave donations of canned and boxed food or toiletry items at their mail box, which will be picked up by the postal carrier for local food pantries.

Residents can also drop off their contributions on May 8 from 11:00 am to 1:00 pm at St. Bernard’s Elementary School, Summer Street, Fitchburg, MA. This year’s major sponsor is Workers’ Credit Union.

“The credit union would like to extend a special thank you to the post office and all those that donate food to this very worthy cause,” commented Frederick Healey, president and CEO of Workers’ Credit Union. In addition, WPKZ, Domino’s Pizza, Dunkin Donuts and the British American Club are helping sponsor the drive.

Local agencies receiving the food this year include: Cleghorn Neighborhood Center, Montachusett Opportunity Council, Norman Valiton Home, St. Vincent de Paul / St. Francis Church, Loaves & Fishes at Devens, and the Salvation Army.

Fitchburg Letter Carrier Rob Penttinen is helping coordinate the drive in memory of Al Salo, who organized the annual event for many years.