Our story
Serving our local communities since 1928
Hello! We’re Webster First. We’ve been around Massachusetts for over 90 years helping people like you with their everyday banking needs. Our members love banking with us, and we think you will too. For a financial institution that puts you first, turn to Webster First Federal Credit Union.
Become a MemberCourage 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 $40,500,000.
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 this decade came to a close in 2019, Webster First achieved a longtime goal of reaching over $1 billion in assets.
Today, Webster First Federal Credit Union is a $1,469,859,114 billion financial institution and ranks among the largest credit unions operating in Massachusetts. We’re ready to serve our over 90,000 members in all their banking and lending needs.
