Merrimack Valley FCU Breaks Ground for New Headquarters
Over 50 years ago, the Merrimack Valley Federal Credit Union started serving the Merrimack Valley with products and services that made them the successful institution they have become. While the employees of the former Western Electric, AT&T or Lucent Technologies remain the stronghold of their membership, over 200 companies have joined their ranks giving their employees the same advantages.
Today's ground breaking is the culmination of the growth Merrimack Valley FCU has been experiencing in recent years. They recently purchased a new 40,000 square foot corporate headquarters in Lawrence, MA at the Riverwalk on Merrimack Street and plan to build a 4,000 square foot retail branch at 500 Merrimack Street with the help of Merrimack College students who helped engineer the whole project. The move will take place in about 18 months.
"This is a major event for the City of Lawrence and a wonderful opportunity for MVFCU to grow while serving others. We feel very strongly that this move is going to be a catalyst in Lawrence's revitalization and a glorious future for our city," said Mayor Michael J. Sullivan. "This area has been an eyesore for many years and it will be turned into the jewel of the city with this construction. The residents will view this project as a continuation of the renewed sense of pride which is occurring in their community," the Mayor added.
"Banks are abandoning cities but credit unions are moving in," said Daniel Egan, president of the Massachusetts Credit Union League. "Financial literacy is a big problem in our immigrant populations as well as predatory lending practices and the credit unions are there to help," added Mr. Egan.
"This is a classic example of Local, State and Federal governments working together with private business to benefit a community, especially serving an underserved area. This ground breaking is symbolic of a major change in Lawrence, indicative of the positive change in attitude of people about Lawrence," said Peter Matthews, President/CEO of MVFCU.
Lt. Governor Kerry Healey was impressed with what this will mean to Lawrence. "Merrimack Valley Federal Credit Union will be bringing approximately 80 jobs into the city with a significant increase in employment in the coming years," said Lt. Governor Healey. "Whenever I'm traveling throughout the state, I brag about Lawrence. I know the future of Lawrence is going to be immensely bright."
When Sal Lupoli started, he had 35 companies with 600 employees. Thirty months later, there are over 100 companies and over 1600 employees. His thirty-five stores earn him $25 million in retail every year, shipping pizzas all ov employees. His thirty-five stores earn him $25 million in retail every year, shipping pizzas all over the state but he is quick to add, "Without my family, we wouldn't be here today."
The morning started with the participation of Lawrence High School's JROTC members in full regalia welcoming approximately 200 guests and dignitaries. The mellifluous voices of the Lawrence High School Girls' Ensemble filled the cavernous historic building that used to house the turbines providing power and heat to all other structures in the compound.
The National Credit Union Administration recently approved a change in charter thus becoming a community credit union, allowing them to expand their services to a broader area. This change means that membership will now be open to persons who live, work, worship or attend school in the Merrimack Valley, as well as businesses and other local entities located in that area, to receive the financial benefits of belonging to a credit union.
Now that Merrimack Valley FCU can open its doors to all individuals in the Merrimack Valley, the move to Lawrence is the best way to serve this underserved population.
"As a member of the Finance Commission at the State House, I've learned a lot about credit unions," said State Senator Sue Tucker. "Just a few days ago I received a letter and I learned about how the credit unions are trying to deal with homelessness in this state," she added.
"When I came to Lawrence I learned about its rivers and history but something was missing: leaders and entrepreneurs," said Mahesh Sharma, president of Cambridge College during his speech. "I applaud Sal and the elected officials for their leadership. Lawrence was imprisoned by its bricks and its bricks are going to liberate it."
Best known for its high member satisfaction ratio, which averages 94% in their annual survey, and also for winning the 2005 CUNA Marketing and Business Development Diamond Award for Political Action and the 2005 Massachusetts Performance Excellence Award for their commitment to quality improvement, the credit union is focused on low cost and high satisfaction.
With over 45,000 members, Merrimack Valley FCU offers free checking, free online banking, free bill payment and a wide range of consumer and real estate loans at the most competitive rates and terms available. Also, recently they instituted a small business product line. Their four branches throughout North Andover, Haverhill and Methuen and their fifth branch opening in Plaistow in early 2006, assures them to be able to meet the demands of new and existing members - one member at a time.
Return to News
