The Annual Meeting of Leominster Credit Union was held on April 18, 2017 at the Credit Union’s Executive and Operations Building in Leominster.
The President’s report presented the financial highlights for 2016. Total assets ending 2016 increased to $643 million from $627 million at the end of 2015. LCU is ranked as the 13th largest credit union in Massachusetts. LCU’s loan portfolio remains strong increasing from $419 million in 2015 to $440 million in 2016. Deposits increased from $436 million in 2015 to $454 million in 2016. With a capital/asset ratio of 8.70%, Leominster Credit Union is recognized as a Well Capitalized Financial Institution by its primary regulator, the Massachusetts Division of Banks.
Following the Annual Meeting, the Board of Directors met and elected officers for 2017-2018.
Michael J. Sauvageau was re-elected to the office of Chairman of the Board. He is a Leominster resident and has been on the Board since 2007. Sauvageau serves on LCU’s Executive Committee.
Richard A. Sheppard was elected Vice Chairman. Sheppard serves on the Executive, Audit, Investment and Compensation Committees. He is a Sterling resident and has been a member of the Board of Directors since 2005.
Andrew D. Cousins was elected Treasurer. Cousins is a resident of Sterling and joined the Leominster Credit Union Board of Directors in 2005. Cousins serves on the Executive, Audit and Compensation Committees.
Nancy L. Graves was elected Assistant Treasurer. Graves serves on the Executive, Credit, Investment, and Advisory Committees. She is a Leominster resident and has served on the LCU Board of Directors since 2004.
Giulio G. Greco, was elected Clerk. Greco has served as Chairman from 1994-1998 and again from 2008-2011. He currently serves on the Executive and Credit Committees. Greco is a lifelong resident of Leominster. He has served on the Board since 1978.
Joining the officers on the 2017-2018 Board of Directors are, Amedeo E. Bilotta of Lunenburg, Bruce J. Bollivar of Holden, Anthony A. Gasbarro of Leominster, Henry C. Kulik, Jr. of Westminster, Joyce A. LaFleur of Leominster and Joseph V. Quintal of Clinton. The Board of Directors is responsible for setting LCU policies.
Founded in 1954, Leominster Credit Union (LCU) is a member-owned, not-for-profit financial cooperative with a full range of deposit, lending and other financial services. Headquartered in Leominster, Massachusetts, LCU is proud to claim nearly 50,000 members and more than $600 million in assets. LCU has seven branch locations in Leominster, Worcester, Clinton, Holden, Sterling and North Leominster with ATM services at all branch locations. LCU also provides 24 hour banking via Mobile and Online services. Visit leominstercu.com or call 800-649-4646.