About Webster First

Serving our local communities since 1928

Our mission is to leverage who we are as a credit union in order to empower our members to live their best financial lives. Our values reflect this mission, and are at the heart of everything we do.

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Our Story

Courage and determination mark the history of Webster First Federal Credit Union.

 

Over ninety years ago, a handful of forward-thinking men decided to form a thrift institution. Their purpose was to accumulate and invest the savings of its members and make loans to them; in other words, they wanted to make life more comfortable for their neighbors. At the same time, the credit union movement was gaining strength throughout the country, and on January 20, 1928, Webster Credit Union was officially founded. The very first office was opened at 207 Main Street in Webster with 24 depositors and a capital outlay of $350.

Soon after, the Great Depression roared across America, but Webster Credit Union’s solvency was much better than that of other financial institutions. In 1933, when President Roosevelt declared a National Bank Holiday, banks and credit unions closed. Many never re-opened, but Webster Credit Union continued its operations without interruption.

In 1936, Webster Credit Union joined the Credit Union League of Massachusetts. During the 1930’s and 40’s, the credit union moved three times. During the first 25 years, Webster Credit Union increased its members to 900 and assets to $815,000.

In 1964, the credit union joined the Massachusetts Share Insurance Corporation, thereby insuring all deposits in full. A year later, the credit union’s bylaws were changed to open membership to all citizens of the community. At the 50th anniversary in 1978, membership had increased to over 13,000 members with assets of $40,5000,000.

Current President/CEO Michael Lussier joined the credit union in 1987 as controller, and shortly was promoted to the position he holds today. A series of mergers followed, enabling the credit union to open branches in Douglas, Dudley, Charlton, Whitinsville, and Worcester.

In 1995, the charter was changed, and Webster Credit Union officially became Webster First Federal Credit Union. By this time, assets had grown to $200 million.

At the turn of the millennium, Webster First moved into the future of banking by offering online banking and bill pay. New branches were opened in Auburn, West Boylston, and Worcester.

Three subsidiaries: WebFirst Insurance LLC, WebFirst Title LLC, and WebFirst Mortgage LLC were opened, offering insurance, title searches, and closings respectively.

By the end of the aughts, assets had grown over $500 million, and a new Operations Center was opened at 271 Greenwood Street in Worcester.

Over the next decade, Webster First merged with several other local credit unions, including Saugus Federal, Fitchburg Federal, Winthrop Federal, Filene Federal, Industrial, and Louise Mills Federal. These mergers opened up membership to new areas, which now include Essex, Middlesex, Suffolk, and Worcester Counties. Additionally, new branches were opened in Hopkinton and Boylston. As the decade came to a close in 2019, Webster First achieved a longtime goal of reaching over $1 billion in assets.

As we move into the next decade and look towards the future, Webster First is excited for what comes next. We’re ready to serve our over 80,000 members in all their banking and lending needs.

Dudley branch Grand Opening, 1987

Breaking ground for the Douglas branch, 1988

Board of Directors, late 1980's

Worcester Operations Center Grand Opening, 2009

Flag ceremony courtesy of the American Legion, Worcester Operations Center Grand Opening, 2009

Our Worcester Operations Center

President/CEO Michael Lussier speaking with government officials on behalf of credit unions, 2011

Presenting a $5,000 donation in support of the UMass Cancer Walk, 2017

Our values

Strength

We’ve weathered many storms throughout our history while continuing to grow and thrive. Today, as a result of our hard work and determination to make the best possible financial decisions, Webster First is one of the most well capitalized credit unions in Massachusetts. With our experience and dedicated team, we’re confident we can help you make the right financial decisions too.

Exceptional Service

We believe that exceptional service means more than a smile at the teller line. To us, service is empowering our members to make the right financial decisions, and giving them to tools and support to do so. We’re honored to have been awarded for service by a variety of publications, including back to back wins as the Best Credit Union in Central Mass.

New England Authenticity

New Englanders are unapologetically authentic. As a home-grown credit union, we believe in being upfront and honest. You can expect straightforward answers to all your questions, and clear expectations on our application process. Each relationship starts with trust, and it’s the cornerstone of our acclaimed member service.

The credit union difference

A credit union is a not-for-profit financial cooperative that conducts business for the mutual benefit and general welfare of its members/owners. Credit unions may offer similar services to banks, but their focus is on their members, not on profits. While banks’ customers own no financial interest in the bank and hold no voting rights, those who choose a credit union as their financial institution gain ownership and enjoy both a financial interest in the credit union and equal voting rights among all members. This means that as a member of Webster First, you are also an owner of Webster First. Feels pretty good, huh?

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