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Workers' Credit Union

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Workers' Credit Union

History:

The need for banking services for the Finnish population of Fitchburg was first realized in 1911 by John Suominen, the business manager of Raivaaja. That same year he met with the State Banking Commissioner, Pierre Jay, to discuss those needs and to lay the groundwork for establishing a Credit Union.

Soon thereafter, the original charter for Workers' Credit Union (WCU) was drafted and submitted to the Massachusetts Banking Commission. The Credit Union's charter was approved in 1914.

At that time, the by-laws of Workers' Credit Union, included the following terms; "Applications for membership must be made in writing, and each must bear the approval of a member of the board of directors....No director shall present the name of a person whom he cannot recommend as being honest, industrious and of good habits."

John Suominen was elected as the first Manager, the position now known as President/CEO, of Workers' Credit Union. Franz Syrjala was elected the first President, currently the position now known as Chairman of the Board. The Credit Union originally occupied space alongside the Raivaaja Printing Company on Wallace Avenue in Fitchburg.

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