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 for Saugus FCU, a half hour north of Boston, Winthrop FCU, just north of the city, and Fitchburg FCU, near Worcester.
The Filene deal was approved by NCUA.
Filene FCU was organized by Edward Filene’s brother William Filene in 1921 as part of an employee benefits package for Boston’s foremost retail outlet. It 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 and the families of any of our members.
In 2006, the May Department Stores company was acquired by the Federated Department Stores Company 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.
