What Is A Credit Union?

As defined by the Federal Credit Union Act of 1934 - " A Federal credit union is hereby defined as a cooperative association organized in accordance with the provisions of this act for the purpose of promoting thrift among its members and creating a source of credit for provident and productive purposes."

Credit Unions are funded by shares purchased by its members and each member, as an owner, is allowed one vote. As a result members receive dividends on their savings, enjoy competitive loan interest rates and select from a wide range of products and services.

Our volunteer Board of Directors provide direction, set policy and procedures and hire our Management Team. Central One's Board is comprised of 9 officials, elected by the membership:

Board of Directors

Chairman	Robert A. Zeveska
Vice-Chairman	James S. Chalke
Secretary	Jeffrey M. Pond Roland G. Carlson Michael J. Cavanaugh Diane L. Collins Thomas E. Davey Carl W. Masshardt Robert Scarfo

Management

President/CEO	David A. L'Ecuyer
Chief Financial Officer	Michael P. Rooney
Vice President of Operations & Information Systems	Thomas D. Clancy
Vice President of Lending	Craig S. Madonia
Vice President of Human Resources & Administration	Wendy B. Morin
Vice President of Retail Services	April B. Healey
Assistant Vice President of Lending	Jeffrey A. Dunn
Assistant Vice President of Database Administration	Paul Ravina
Accounting Manager	Tricia J. Anderson
Branch Manager, Northborough	Joan M. Day
Branch Manager, Shrewsbury	Richard J. Denio
Branch Manager, Auburn	Owen J. Russell
Administration Manager	Patrice A. Scavone
Database Manager	Charles A. Frail
Electronic Services Manager	Eva Polymeros
Marketing Manager	Monique S. Rose
Member Support Manager	Christine Bates

NCUA

The National Credit Union Administration (NCUA) is an independent agency of the U. S. Government which regulates, charters and insures the nation's federal credit unions. In addition, NCUA insures state-chartered credit unions which desire and qualify for federal insurance.

Insured

Savings and deposits are insured up to $100,000, per account, by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. This insurance fund is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC) for banks. Your funds may be insured for over $100,000, in some circumstances. Call the Credit Union for details.

Central One's History

Established in 1952 as an occupational based charter credit union serving the employees and family members of the New England Electric System and their affiliates, Central One Federal Credit Union was officially granted a community based charter on November 19, 1998 by NCUA, Washington, DC. This conversion was formally adopted by the Board of Directors on November 21, 1998, and effective November 23, 1998.

Central One's Mission Statement is to become the member's "Primary Financial Institution"; its Philosophy is to "offer the best deal possible to both the Savers and the Borrowers of Central One Federal Credit Union".

Who Is Eligible to Join?

Effective January 21, 2003, the qualifications for membership eligibility are as follows: "persons who live, work, worship, go to school in, and business and legal entities in Auburn, Berlin, Bolton, Boylston, Clinton, Grafton, Harvard, Holden, Hopkinton, Lancaster, Leicester, Marlborough, Milford, Millbury, Northboro, Paxton, Princeton, Rutland, Shrewsbury, Southboro, Sterling, Upton, Westboro, West Boylston and Worcester".

Additionally, family members or members from the same household of all existing members are eligible to join.

How Do I Join?

If you qualify under the Field of Membership, as described above, just complete a Membership Card and deposit a minimum of $5.00 in a Regular Share (Savings) Account.

What If I Transfer, Leave the Area or Change my Employer?

Our rule is "Once a Member, Always A Member" regardless of where you live or work. You may remain a member of Central One as long as you maintain a $5.00 balance in your (Primary) Regular Share Savings Account, and remain a member in good standing. You are eligible for lifetime membership with access to all of our Products and Services.

Apply Today
Apply online, stop by any Credit Union location, call or email the Credit Union and request a membership application be mailed.