Workers Credit Union

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Cover the College
Funding Gap Seminar
Free seminar hosted by Workers’ Credit Union

Chelmsford, MA (March 8, 2010) – Workers’ Credit Union is hosting a free seminar, titled “Cover the College Funding Gap,” at 6 p.m., Monday, April 5, at Chelmsford High School, 200 Richardson Road.

Acton, MA (March 8, 2010) – Workers’ Credit Union is hosting a free seminar titled “Cover the College Funding Gap,” at 6:00 p.m.,
Tuesday, April 6 at Acton Community Safety Building, 371 Main Street.

Lunenburg, MA (March 11, 2010) – Workers’ Credit Union is hosting a free seminar titled “Cover the College Funding Gap,” at 6:00 p.m., Wednesday, April 7 at Lunenburg High School, 1079 Massachusetts Avenue.

Participants will learn how to fund a college education through Federal Aid and Grants, scholarships, and private loan programs.

The seminar is open to the general public. Seating is limited.  To reserve a seat, please call 800-221-4020.

Workers’ Credit Union
numbers show strength

For Immediate Release (March 16, 2010) –  Workers’ Credit Union strengthened its financial position last year, with robust deposits and solid loan volumes, pushing its assets to $723 million, a 17.5% increase over 2008, which outpaced the industry average of 9 percent.

In his report to the members at the 95th annual meeting, held Tuesday evening in their Fitchburg office, President Fred Healey said that deposits grew by 16% to $577.4 million, as investors sought safety from the troubled big bank sector and unstable financial markets.

While investors sought safety through traditional saving products, the credit union’s Insurance and Investment Center also saw assets under management grow by 33.1% to $95.2 million, due to gains in annuity products. 

Total loans outstanding as of December 31, 2009, grew to $555.2 million, a 9.1 % increase over last year. “Despite media reports that banks were not lending, Workers’ Credit Union made more than 8,200 loans, totaling over $200 million,” noted Healey. 
 
The credit union saw lending increases in many categories. Healey made a special mention that business lending grew by 10.2%, which also bucked the industry norm.

“Our primary mission is to lend money to our members” said Healey. “We achieved our results while still being prudent and avoiding questionable lending practices. We always place our members’ best interest first.” The credit union lent 96.8 % of its deposits back to its members, compared to the industry average of 76 percent.

The credit union continued to see robust growth in electronic banking with its cuSave, a high-yield online savings account, which finished the year with $7.5 million in assets. Its Home Banking saw a 14.6% increase in users; Bill Pay, 21%; eStatements, 36% increase; its latest initiative, Mobile Banking, which provides access to accounts through cell phones and PDAs, has added 1,700 users since August. In addition, it processed 840 loans online.

As a result of strong deposits and lending, the credit union’s members’ equity stood at 12.4% of assets, twice the regulatory minimum.  

It was noted that the credit union is a community credit union, and has carried out that mission by giving generously to a variety of community-based nonprofit organizations.
 

Healey capped the meeting by giving a special thanks to the board of directors, management, employees and especially its members for their continued support during a very active year for the credit union.

Workers' Credit Union, founded in 1914, is headquartered in Fitchburg, MA.  With assets over $725 million, the Credit Union serves over 65 thousand members from fourteen offices in Acton, Chelmsford, Fitchburg, Gardner, Groton, Lancaster, Leominster, Lunenburg, Orange, Townsend and Workers’ Online at wcu.com.
 

Workers’ Credit Union elects directors

Melissa Maranda, J.D.	Eric D. Shapiro	Raymond J. Martino	Patrick L. Muldoon

For Immediate Release (March 16, 2010) – Workers’ Credit Union has elected four new members to its board of directors, and returned two directors. The credit union re-elected James E. Rouse of Shrewsbury, MA and Wilho J. Myllymaki of Ashby, MA, and elected as new directors Melissa Maranda, J.D., of Fitchburg, MA, and Patrick L. Muldoon of Princeton, MA. They will serve three-year terms, expiring in 2013. Eric D. Shapiro of Lexington, MA and Raymond J. Martino of Lunenburg, MA were elected as new directors to two-year terms, expiring in 2012.

Wilho J. Myllymaki is the retired director of purchasing for United Cooperative Farmers, Inc., formerly a New England-wide cooperative serving farm entities based in Fitchburg. He is a past director and president of the New England Grain & Feed Council. Myllymaki has been a member of Workers' board of directors since 1985, serves on the investment and credit committees and is a past chairman of the board of directors.

James E. Rouse is president and CEO of Micron Products, Inc., a multi-faceted manufacturer in Fitchburg. He currently serves on the board of directors of the North Central Massachusetts Chamber of Commerce and Mount Wachusett Community College Foundation. Rouse has been a member of Workers’ board of directors since 2007. He serves on the executive and credit committees and is vice chairman of the board of directors.

Melissa Maranda, J.D. is director of gift planning for the Community Foundation of North Central Massachusetts, a non-profit community foundation. She has extensive non-profit fundraising and sales management experience. Maranda is a graduate of Franklin Pierce Law Center in Concord, N.H.

Eric D. Shapiro is co-founder and principal of Lexvest Partners, LLC, a private equity real estate investment company in Lexington, Mass. He serves on the Boston University CGS Alumni board of directors, Lexington Center Committee, Freedom’s Ways Advisory Committee, and Babson College Mentoring Program. Shapiro received a bachelor’s degree in business administration from Boston University and a master’s degree in business administration from Babson College in Wellesley, Mass.

Raymond J. Martino is president and CEO of Simonds International, an industrial cutting tool company in Fitchburg. He is past chairman of the board of directors of the North Central Massachusetts Chamber of Commerce, and serves of the board of directors of the Fitchburg State College Foundation and University of Connecticut School of Business Board of Overseers. Martino is also a member of the Regional Competitive Council, and president of the Machine Knife Association.

Martino received a bachelor’s degree in economics from Fairfield University and a master’s degree from the University of Connecticut.

Patrick L. Muldoon is president and CEO of HealthAlliance Hospitals, a member of UMass Memorial Health Care. He also serves on the board of directors of the North Central MA Chamber of Commerce and the board of trustees for United Way of North Central MA, Massachusetts Hospital Association and the Spanish American Center. Muldoon received a bachelor’s degree in health services administration from Providence College and a master’s degree from Loyola University.