As demand for the benefits of a credit union grew, the institution applied for a community charter. In 1987, the Western Massachusetts Telephone Workers Credit Union merged with Monarch Credit Union. In 1978, the institution relocated to a new home on Main Street in Springfield’s North End, which still serves as its headquarters today. Tracing the history of the credit union, Welch said it started in a small office in the telephone-company building on Worthington Street, serving only employees of that large and fast-growing industry. ![]() “There could be a possibility of branching down there we signed a two-year lease in Enfield, and we want to explore the market with the loan production first we thought that was a good way to get a good foothold.”įor this issue and its focus on banking and financial services, BusinessWest talked at length with Welch about the first 100 years for Freedom Credit Union, and what is on tap for this Western Mass. “We’re going to explore our options in Connecticut as we get a foothold there,” he explained. Glenn Welch says the basic strategy at Freedom is “to keep doing what we’ve been doing for the past 100 years.” Overall, Freedom is still finding its footing in Connecticut, he said, adding that, over the next few years, it will explore opportunities to branch out south of the border, literally and figuratively. “We think we’re in a good position with our expansion into that market.” It is certainly not the only institution looking to garner cannabis customers, he went on, adding that, as competition mounts, Freedom will work to remain competitive and secure market share in a sector where new businesses open every month, if not every week.Ĭannabis was recently made legal for recreational use in the Nutmeg State, he went on, adding that this could be another avenue for growth in that market. “We have several clients that have signed on with us and we have a pretty good backlog of businesses that are looking to come on board with us,” Welch said, noting that the credit union is working with its regulator to make sure it is complying with guidelines for doing business with those in this sector. With the cannabis sector, the credit union recently started providing deposit and cash-management services for businesses in different kinds of businesses, said Welch, adding that this could become a vehicle for growth at Freedom. Also, the credit union, which now boasts roughly $650 million in assets, more than 32,000 members, and 10 branches across Western Mass., has been making some inroads to service companies in the broad and ever-expanding cannabis industry in Western Mass., while continuing to aggressively pursue more business on the commercial-lending side of the ledger. Meanwhile, it is continuing and broadening its push into Connecticut with the opening of a loan-production office on Elm Street in Enfield. Listing examples of both, he said Freedom will soon be introducing its first interactive teller machine (ITM) as well as credit cards and a new debit-card product. So we wanted to celebrate with the community.” “It’s a big milestone these days for a financial institution to be around that long. Mostly, though, the institution has been quietly continuing those patterns of behavior listed above, he added, noting that he and his team are being both innovative and entrepreneurial as they go about writing the next chapter in a history that began with an institution known as the Western Massachusetts Telephone Workers Credit Union, formed when Warren Harding was patrolling the White House. ![]() “So we wanted to celebrate with the community.” “It’s a big milestone these days for a financial institution to be around that long,” Welch said. The milestone (July 22 was the official birthday) has been marked in various ways - from a 100-day summer food drive that raised $4,100 for the Food Bank of Western Massachusetts and collected 930 pounds of food for the Gray House, to a week of ice cream at all the branches in late July for members and employees from raffles and giveaways for members to specials on loans and CDs. ![]() There will be more of all of that, said Welch, president and CEO of Freedom, who offered what amounted to a ‘state of the credit union’ report for BusinessWest on the occasion of its 100th birthday. When asked what might come next for Freedom Credit Union, Glenn Welch said simply, “we’re going to continue doing what we’ve been doing for the past 100 years.”īy that he meant … well, a whole lot of things, from continued growth and innovation to embracing new technology from growing the base of customers to extending the institution’s geographic reach from finding new ways to serve members to giving back to the community. President and CEO Glenn Welch (center) with some of his team.
0 Comments
Leave a Reply. |