New HQ For LCU | Expansion will add on to current branch on Adams Street
Rendering/Courtesy
Leominster Credit Union is planning a new 31,000-square-foot headquarters building.
While big banks reel from economic shockwaves, the little guys who stay close to home are doing a lot better.
In Leominster that phenomenon is particularly obvious, as Leominster Credit Union prepares to spend millions on a new headquarters.
Bricks And Mortar
LCU plans to start construction on the new 31,000 square foot, three-story building in the spring and move staff in by early 2010. The new building will be connected to the bank’s existing main branch at 20 Adams St., and it will eliminate the need for a leased operations center elsewhere in town.
LCU has submitted plans for the new building, which includes green features like energy-saving lights and local materials, to local boards.
Colleen Hughes, vice president of marketing, said the price of construction could be anywhere from $4 to $8 million, depending on the city’s requirements.
Hughes said the new space was a simple necessity. Right now, she said, space is so tight that workers are forced to share cubicles.
Jon E. Haggerty, a spokesman for the credit union, said its assets have increased $50 million over the past year and a half, to $400 million.
“Things couldn’t be better for us right now, which is just the opposite of a lot of our peers in financial services,” Hughes said. “It’s the time for community financial institutions. It’s a safe bet.”
Hughes said downtown Leominster is experiencing a similar boom, with a number of recent store openings, and the credit union is happy to be part of it. She said LCU looked at other locations for a headquarters but had a strong preference for being downtown. When a building nearby, a former Odd Fellows Lodge, went up for sale, the credit union seized the opportunity.
“As a Leominster-based financial institution we think it’s important to have our headquarters here as well as our main branch,” Hughes said. “I think it sends a nice message to people too that everything’s OK.”
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