Credit Union History and Facts

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Credit Union Founded

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Valued Members

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Team Members

Our Credit Union Serves the Employees and immediate family members of......

  • City of Chelsea
  • Chelsea Fire Department
  • Chelsea Police Department
  • Chelsea School Department
  • Chelsea Restoration Corp
  • Chelsea Housing Authority
  • Chelsea Chamber of Commerce

Who We Are

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Where People & Service Matter!

About Chelsea Employees FCU

“Our mission is to offer to our members a pleasant experience while providing them access to the financial services that meet their changing needs.”

CHELSEA EMPLOYEES FEDERAL CREDIT UNION is a cooperative financial institution - a union of people pooling their money to help one another. The people who belong to a credit union also own it, control it, and are the sole recipients of its services. Our Board of Directors all joined the credit union as employees of the City of Chelsea and now volunteer their time to ensure that the credit union continues to meet the needs of its members.

MEMBERSHIP REQUIREMENT

Employees of the City of Chelsea, the Chelsea Housing Authority, Chelsea Restoration and the Chelsea Chamber of Commerce and their direct family members are eligible to join. Existing members may continue as members of this credit union after they cease to be within the field of membership, so long as they maintain a valid share account with the credit union.

To become a member of the credit union, you must sign an Application for Membership. Upon receipt of $25.00, the par value of one share of the credit union, an account will be opened, and you will be issued an account number.

Meet the Staff

Bruce Black - Treasurer

Laurie Taraskiewicz - Manager

Sharon Maronski - Member Experience

Karen Buckley - Member Services

 

Our History

CEFCU: A HISTORY OF BENEFITTING CHELSEA CITY EMPLOYEES

As the nation was coming out of the Great Depression in 1935, Chelsea Mayor Lawrence Quigley invited all city employees to the Williams School to discuss forming their own credit union to pool savings and make loans to each other. There was overwhelming support for the idea from the city workers. Eight days later, on December 13, 1935, the United States Farm Credit Administration approved the charter for the formation of the Chelsea Massachusetts Municipal Employees Federal Credit Union.

On January 2, 1936 the credit union opened its doors with a membership of 73 city employees and share deposits of nearly $400. The membership elected its first Board of Directors: President Robert E. Tobin, Treasurer James A. Gleason, Clerk Elinor J. Patterson, John F. Geyer, John J. Kirby, Chester P. Knowlton and John Marion.

For the first 15 years, the credit union operated part-time from a desk in the Assessors office at City Hall. Following the close of WWII, the credit union hired its first paid clerks to better serve the increasing needs of the city employees. In 1950, Chelsea Mayor Joseph Melley and Building Commissioner William Hendry agreed that the credit union should operate from its own separate office. This allowed the credit union to be open full-time for its members. That same year, the name of the credit union was changed to Chelsea Employees Federal Credit Union and the field of membership was expanded to include employees from the Chelsea Schools. The Field of Membership was expanded to include employees of the Chelsea Housing Authority and Chelsea Restoration Corp in 2010, followed by the Chelsea Chamber of Commerce in 2024.

Members play an important role in the success of the credit union. Since 1935, numerous members have volunteered countless hours to the credit union by serving on the Board of Directors, Credit Committee or Supervisory Committee without compensation. All of our members have helped us to grow from the original 73 members with $400 to our current membership of over 2000 with over $12 million in assets.

Our commitment to provide our members access to the financial services that meet their changing needs continues today.  We remain true to our mission of providing the best possible services to the employees of our member groups and their families.

The Credit Union Difference

Credit Unions offer a different way to bank. We are not-for-profit financial cooperatives that are solely owned by their membership. Unlike banks, we do not have stockholders so decisions are made for the good of the membership, and not to drive stock value. Members have a direct impact on how the credit union moves forward by individually voting and electing a voluntary Board of Directors who have members best interest at heart.

At a traditional bank, you’re a customer. At a credit union, you’re a member. You belong. Unlike a traditional bank, the profits made by the credit union are given back to the member in the form of lower fees, higher dividends, and lower loan rates. True to their credo of “People Helping People”, credit unions are active in the community, offer financial education, and pathways to financial stability and success. At a credit union, your money is secure. Every individual is federally insured up to $250,000 by the National Credit Union's Administration or NCUA.

Our Volunteers

BOARD OF DIRECTORS

  • Patrice Montefusco, Chair
  • Frank Henry, Vice Chair
  • Marisol Nieves, Secretary
  • Bruce Black, Treasurer
  • Theresa Cetina
  • David Flibotte
  • Monica Ford
  • Barbara Martin
  • Tina Sullivan

 

SUPERVISORY COMMITTEE

  • Patrice Montefusco
  • Colleen Lewis
  • Zaida Lopez

 

Become a Credit Union Volunteer

Chelsea Employees FCU is owned by its members, with a Board of Directors who oversee the operations. This unique philosophy is what sets your credit union apart from other financial institutions and, without a volunteer Board of Directors, we would not be able to provide low-cost services. CEFCU's Board of Directors and Committee Members represent the interests of you, our member-owners, and work with the management team to improve your financial quality of life.

If you would like to be more involved with your credit union and have a strong desire to help Chelsea EFCU continue to grow and succeed, we encourage you to apply for a position on a Committee or on the Board of Directors. Please, take the next step and review the details and links to the right, then complete and return our volunteer application.