St. Mary's To Join Crowded Westborough Market
St. Mary's Credit Union is the latest financial institution to make a play for MetroWest by announcing plans to open a branch in the crowded Westborough market, an area that is already served by 11 financial institutions.
Officials with the Marlborough-based credit union said the proposed new branch at the former Friendly's restaurant just off of Route 9 near Route 30 in Westborough presented a good opportunity for the credit union to expand. It has five branches in Marlborough, Northborough and Hudson.
"This is a thriving area and a growing community, so we're excited about the opportunity," said Tony Battista, vice president of marketing for the credit union.
Competitors Make Room
The credit union, which has about $600 million in assets, still must receive local and state approval for the demolition and construction work to be done. The credit union must also receive state approval to allow for the expansion. Battista said there is not yet a budget for the project or a firm time frame of when it will get underway, but he's hoping the branch could be open by the late fall.
The move is part of the institution's plan to grow steadily during the next few years, Battista said. Areas across MetroWest, to the east toward Worcester, south and even north are all potential areas the credit union may look to expand into.
What's the reaction been from financial institutions already in Westborough?
Central One Credit Union, which is based in Shrewsbury, has three offices in Westborough: a full-service branch on Otis Street and two others in corporate buildings on Research Drive and South Street.
Credit Union President and CEO David L'Ecuyer isn't surprised to see St. Mary's setting its sights on Westborough. MetroWest is just as competitive as the rest of Worcester and Middlesex Counties where there are numerous banks all competing for market share, he said.
"It's only natural," he said, to see credit unions and small financial institutions look for new geographic opportunities. "If you're not growing, you're probably going to have a difficult time surviving."
L'Ecuyer is not worried about the competition.
"There's plenty of business out there, if you're doing a good job by the way of price and service, then you'll get your share," he said.
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