Leominster Credit Union was founded in 1954, and is a member-owned, not-for-profit cooperative financial institution dedicated to providing deposit, pending, and other financial services to North Central Massachusetts residents.
As of today, Leominster Credit Union is headquartered in Leominster, Massachusetts and currently has over 50,000 members. The credit union grew over time through word of mouth, relationships, partnerships, marketing initiatives and community engagement. LCU gives back to organizations that they can benefit through education, encompassing a wide variety of organizations, whether through financial literacy, local charities, scholarships, and more.
President and CEO Barbara Mahoney has been with Leominster Credit Union since 2003, having three CEOs she worked for prior to becoming one herself. Mahoney and her predecessors have built a solid foundation for LCU, and she hopes to continue to build on that by developing relationships with members, listening to their needs to be able to become financially sounds and retain their business.
“We hope to do that through every phase of their life, educating them in regards to what their options are and addressing their needs throughout those different phases,” Mahoney said. “We try to build relationships. It’s not just putting out a product or service, it’s partnering with them with a variety of different things that might meet their needs. We want the members to walk away feeling good about what they received, and LCU is at the front of their mind.”
Not only does Leominster Credit Union have a member-centric culture, but they also provided approximately $20 million in PPP loans for small businesses throughout Massachusetts during the COVID-19 pandemic.
Like many other businesses, LCU is continuing to try and navigate through COVID, addressing any additional needs for their members and what the situation has presented.
“We’re currently at 50 percent capacity, and planning on decisions on what life might look like when we are 100 percent,” Mahoney states. “Our priority throughout the pandemic has been the safety and well-being of employees and staff, as well as the psychological comfort of both.”
The credit union is currently preparing to get most of the employee back into the facilities. All branches are open 100 percent, and staffed at 50% capacity.
“We’re preparing for the August 1st reopening and what that might look like for us; we’re also reviewing our work-from-home policy, getting a committee together to make recommendations as to what that might look like, potentially a hybrid situation, depending on the employee’s role,” she said.
LCU continues to implement current COVID protocols: social distancing with floor details, shields, and other guidelines as recommended by the state and CDC.
They are also recommending and encouraging employees to get their vaccine as they do feel it will help with the environment and help protect people. According to a recent poll conducted among LCU employees and staff, approximately 65 percent said that they would be vaccinated.
Throughout the pandemic, Leominster Credit Union has remained a true partner to their members, listening to their needs and providing financial solutions through seminars/webinars, accounts, mortgages, and investments so that each member can be prepared for the future.
LCU also provides a financial literacy program with Fitchburg High School, hoping to expand on that with other local schools within North Central Massachusetts, the Worcester County area, and across their geographical footprint. They’ve received rave reviews from school administration and student alike.
Much of this would not be possible without the support of the North Central Massachusetts Chamber of Commerce.
“The [North Central Massachusetts] Chamber of Commerce does a great job in the area with the fact that they bring businesses together, and providing valuable information to their Chamber members,” Mahoney said.
She adds that they provide an emphasis on young professionals, helping them become established to get their businesses on the ground and enhance continued growth, providing updates and information to members and keep them updated on local news and COVID-19.
Leominster Credit Union just celebrated their work anniversary of 67 years in service to the local North Central Massachusetts area. They look to continue and introduce new technology efficiency through digital platforms that are easy to use and convenient for their members, and enhance digital channels so that they are more efficient for the user.
Leominster Credit Union delivers with meeting the expectations of their audience and members, either in person at a local branch, online at www.leominstercu.com, or via phone 800-649-4646.