Worcester Credit Union
Address: 520 West Boylston Street, Worcester, MA 01606
Phone: 508-853-9966
Fax: 508-852-4505 or 508-853-0218
Website: www.worcestercu.com
Number of Employees: 35, plus 5-6 students
Top Executive: Karen E. Duffy, President/CEO
Product or Service: Banking
Banking with a small “b”
For an organization that’s already 72 years old, Worcester Credit Union has been having a growth spurt. In the past year, it has grown from one to three branches, increased staff by a third and introduced new business banking products.
Why the sudden expansion? "A lot of people are saying they’re tired of big institutions," says Karen E. Duffy, President and CEO. "They don’t know you and they don’t know your business."
By contrast, Worcester Credit Union offers a local presence - branch managers with decision-making authority in the building, rather than through an out-of-state operations center.
Traditionally, Duffy adds, a credit union offers better rates on savings and lower rates on loans than banks. "And people like the fact that we are local." The Credit Union is overseen by a 12-member board of directors, all local residents and credit union members. David Moore, solicitor for the city of Worcester, chairs the board, which works to support the interests of the membership.
Two additional developments led to the recent expansion: Winning the bid for a branch in the new Worcester Technical High School, and the opportunity to invest in Worcester’s downtown.
The first credit union to open on Main Street, the 315 Main Street branch stands between Mechanics Hall and the Worcester Tornadoes office. With the Massachusetts College of Pharmacy established and the new courthouse nearly complete, "there’s an awful lot of business down there, and there’s going to be a lot more," says Duffy. "We’re pleased to offer that convenience to our membership base, many of whom work in City Hall or the courthouse."
The Credit Union started offering new business banking products in June, including free checking, debit cards for up to four users, business checking with a sweep option into a higher-rate money market account, and a 12-month business certificate of deposit.
Founded in 1934, Worcester Credit Union has always had a local focus. Back then, it was the Worcester Teachers Credit Union. That grew to include members of the Worcester DPW Credit Union and then the Worcester County Courthouse Credit Union. In 1998, it converted to a community-based field of membership, so anyone who lives, works or goes to school in Worcester or surrounding towns can be a member. Since the conversion, membership has grown from 6,000 to approximately 8,500. The credit union is considered mid-sized, Duffy reports.
This fall, the latest branch opens in the new Worcester Technical High School. Full-service and accessible to all members, the branch has student tellers nominated by marketing and finance teachers and supervised by branch manager Christine Miller. They trained all summer for the mid-August "soft opening," ready for the first day of school.
"We’re really honored to be there," says Duffy. "Vocational students have worked as tellers for us for a decade, and this is a tremendous opportunity to develop that partnership."
The Credit Union will offer after-school financial literacy classes for students and their parents, covering such important topics as balancing a checking account, the ABCs of credit cards, car insurance and excise tax, and payroll taxes.
"If you’re not in the banking industry, there’s a lot to know and learn about finances," notes Duffy. At any age, Worcester Credit Union offers a strong local resource for that financial education.
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