WORCESTER, Mass. – Webster FCU, fresh off two Boston-area mergers, announced this morning a deal for Filene FCU, one of the oldest credit unions in Boston that served employees of the famous retail chain once run by credit union pioneer Edward Filene.
The $20 million credit union has a single branch at Boston’s downtown Tremont St. “We look forward to combining the two institutions and expanding our presence into the Boston market,” said Michael Lussier, president of Webster First, located an hour west of Boston. “Tremont Street is a great location with a lot of potential.”
The $620 million credit union has made major inroads into the greater Boston market over the past year with acquisitions of Saugus FCU, a half hour north of Boston, Winthrop FCU, just north of the city, as well as Fitchburg FCU, near Worcester.
Filene FCU was organized in 1921 as part of an employee benefits package for Boston’s foremost retail outlet, which was founded by Edward Filene's father William Filene. The credit union was first known as the Filene Cooperative Association CU.
For many years the credit union served employees of the May Department Stores and all of its subsidiaries including Filene’s, Kaufmann’s, Lord and Taylor, Foley’s, Hecht’s and all of the rest, of Filene’s Basement and Kabloom.
In 2006, May Department Stores was acquired by Federated Department Stores and the headquarters of Filene's and many other stores were closed and the credit union was forced to move out of the Filene's building for the first time in 85 years, prompting a conversion to community charter serving all of Boston.
Webster First was chartered in 1928 in Webster, a suburb of Worcester, to serve the community's Polish immigrants. It has grown in recent years into one of the largest credit unions in the state, with about 50,000 members and 17 branches.
The Filene deal has been approved by NCUA.
