REGULATING AGENCY: Massachusetts Division of Banks
- Mary Gallagher Commissioner
- Jay Bienvenu Senior Deputy Commissioner
- Website: mass.gov/orgs/division-of-banks
- News and Announcements
LEAGUE: Cooperative Credit Union Association
PRIVATE SHARE INSURANCE: No
STATS: (As of Q4 2021)
Total Number of Credit Unions: 147
- TOTAL # SCUs: 53
- TOTAL # FCUs: 94
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 36%
Total Assets: $49,534,515,715
- TOTAL $ SCU ASSETS: $20,100,926,199
- TOTAL $ FCU ASSETS: $29,433,589,516
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 41%
Total Members: 3,224,436
- TOTAL Members SCUs: 1,083,508
- TOTAL Members FCUs: 2,140,928
- SCU % OF TOTAL (SCUS/STATE TOAL): 34%
FUN FACT: Sixteen of the top 25 windiest U.S. cities are located here. It’s a good thing Boston has the T to protect people from cold and windy weather. In fact, Boston established the country’s first subway system in 1897.
December 16, 2021 —Walk into a Workers Credit Union branch, and you’ll notice the space isn’t dominated by a row of tellers’ windows behind a counter for signing deposit and withdrawal forms.
When so many people have direct deposits or can manage their portfolio through mobile banking, Workers has overhauled its branches to serve different needs.
Instead, a customer might find Olivia — a hologram that speaks 52 languages, including American Sign Language, and Pepper, a robot that can help with basic information or entertain kids.
Workers, which is more than a century old and the state’s fourth-largest credit union by total assets as of June, entirely revamped how its branches to look, taking inspiration from an Apple or Tesla store. They have a more spare, modern look and help that is easier to find, said Peter Rice, the credit union’s chief banking officer.
“We threw the design out the window completely,” Rice said.
Workers has 17 branches between Worcester, Lowell and Orange, covering a broad swath of the state between the Merrimack Valley and a quiet region north of the Quabbin Reservoir. It was long based in Fitchburg, in the geographic center of its retail branches, but a year ago moved its main offices to a newly built headquarters just off I-495 in Littleton.
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