Worcester Business Journal
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Michael Lussier, is president and CEO of Wesbter First Federal Credit Union as well as chairman of the National Association of Federal Credit Unions. Webster First was founded in 1928, by a handful of energetic and financially conscious men sharing a common dream. Through written agreement, these men associated themselves with the goal of establishing a thrift institution in order to accumulate and invest the savings of its members and provide them loans. During the early years, members of the board of directors worked very hard without any compensation whatsoever and gave a great deal of time and effort toward furthering the cause. During the Great Depression, President Roosevelt declared National Bank Holiday. Though many financial institutions never opened their doors again, we continued to steadily grow and prosper. In 1967, realizing there was a need for bigger, better and more adequate quarters, Webster First Federal Credit Union moved to 1 North Main St. in Webster, MA, where it still serves as an active branch today. In 1986, Webster First reached $100 million in assets, throughout the late 1980s and 1990s opened locations for branches in Spencer, Charlton, Dudley, Douglas, and Worcester. In 1997, Webster First joined the National Association for Federal Credit Unions. In 2008, Webster First attained $453 million in assets and in 2009 celebrated the grand opening of its Operations Center on Greenwood St. in Worcester. Today, Webster First has 10 branches throughout Worcester County and assets of $503 million, and is among it the largest credit unions operating in Massachusetts.