Lawrence Firefighters Federal
Credit Union to merge with NESC Federal
Credit Union
The Board of Directors of Lawrence
Firefighters Federal Credit Union,
Lawrence, Massachusetts, announced their
vote to merge with NESC Federal Credit
Union of Methuen, Massachusetts.
Both credit unions have a long history of
serving local select employment groups in
the Merrimack Valley area as authorized
by their charters from the National
Credit Union Administration.
For 58 years, Lawrence Firefighters
Federal Credit Union has predominately
served City of Lawrence, Commonwealth of
Massachusetts, and Essex County employees
who work in Lawrence. NESC Federal Credit
Union was originally chartered 50 years
ago to serve employees of the Internal
Revenue Service, including those employed
in Andover, Fitchburg, Lawrence, Lowell,
Methuen, and Stoneham. In addition
to employees, credit union membership at
both entities is extended to their
families.
Lawrence Firefighters Federal Credit
Union staff and management will be
retained, and representation from its
Board of Directors will be present on the
NESC Board of Directors. The Lawrence
Firefighters’ location at 14
Amesbury Street, Lawrence, will remain
open and named Lawrence Firefighters
Branch of NESC Federal Credit Union.
Elaine Sullivan, Chief Executive Officer
of NESC Federal Credit Union, has more
than 35 years experience in the credit
union industry and will remain in her
role following merger completion. Alan L.
Jenne, Chief Executive Officer of
Lawrence Firefighters Federal Credit
Union, who has more than 30 years of
banking and credit union experience, will
assume the role of Executive Vice
President and Chief Operating Officer.
“This merger presents many
opportunities for the membership of both
credit unions and will have a positive
impact on the local financial services
industry. I look forward to working
with the Lawrence Firefighter’s
management team and staff as we maintain
current services and also initiate new
programs. The combined credit union will
have assets of nearly $80 million and
serve 12,000 members,” Sullivan
said.
Jenne commented that, “Once the
merger is approved and completed, members
will benefit from also having three
locations to conduct financial
transactions: 14 Amesbury, Street,
Lawrence, MA; 248 Pleasant Street,
Methuen, MA; and 310 Lowell Street,
Andover, MA, while there will be a
network of seven local ATMs. This
merger also allows us to reach out to
potential members as we apply for
additional charter amendments.”
The proposed merger is pending National
Credit Union Administration’s
approval and a vote from the general
membership of Lawrence Firefighters
Federal Credit Union. The merger is
expected to be completed by the end of
2008.
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