History of the Credit Union
The Credit Union was chartered in 1961 by members of the Woonsocket Teachers Union expressly for the Woonsocket Teachers. In 1962, the Credit Union began operating on the second floor 70 North Main Street in a a room approximately 6′ by 6′ in size. The hours of operation were Tuesdays and Fridays from 3:30pm to 4:30pm. The only services offered at the time were shares and loans. Membership fees were 25 cents per member, shares had a maximum deposit of $2,000.00, and the maximum amount that a member could borrow at any given time was $1,000.00.
By the fall of 1962, members of the Woonsocket School Custodial Department and any new teachers were eligible to become members of the Credit Union. By the end of 1962, the Credit Union had opened 121 accounts.
The Municipal employees from the City of Woonsocket were also added to the field of membership. (These employees included Police, Fire, Water, Highway and Sewer Departments).
The Arc of Northern Rhode Island was also included to the field of membership. However, in 1994 they were removed when the Credit Union became federally chartered. (The name of the Credit Union officially changed to the Greater Woonsocket Municipal Federal when we became federally chartered).
By 1964, the municipalities and school employees of Burrillville and North Smithfield were added to the field of membership. The Town of Smithfield joined the Credit Union in 1971. In 1986, the municipalities and school employees of Blackstone and Millville Massachusetts also were added the growing sphere of membership. The Town of Bellingham Massachusetts became members in 1989.
Members of the RIUNAP Local 5067 at Landmark Medical Center and the Rehabilation Hospital of RI also were added in 1985.
In 2004, the Greater Woonsocket Catholic Regional Schools and Mount St. Charles Academy’s staff and administration became part of the sphere of membership.
In June of 1995, the Credit Union moved to its current location of 10 Monument Square and began offering a wider range of services in a larger facility. The Credit Union currently offers its members an ATM on-site, On-line Banking, Bill Payer, Loans, Mortgages, Clubs, Savings, Share Drafts, Certificate of Deposits, and many more services.
In the summer of 2005 the employees of the Woonsocket Post Office also became eligible for membership at the Credit Union. In the fall of 2005, the Greater Woonsocket Municipal Federal Credit Union merged with Lincoln Town Employees Federal Credit Union, thus making it necessary to change the name to better fit and encompass all of the groups that make up our sphere of membership. Blackstone River Federal Credit Union was chosen because the Blackstone River touches all of the communities that the Credit Union serves. Now we are able to service our members better by offering a second full service office at 100 Old River Road in Lincoln RI.
The Credit Union currently has 14 employees in the Woonsocket Office and 2 employees in the Lincoln office ready to serve all of our members and potential members.
The summer of 2010 has brought more changes to our members. The Board of Director has announced that the Blackstone River Federal Credit Union is now a Community Charter Credit Union. The only thing that changes is who can join the Credit Union.
This means that anyone who lives, works, worships, or attends schools in Burrillville, Central Falls, Cumberland, Foster, Glocester, Lincoln, North Providence, North Smithfield, Pawtucket, Scituate, Smithfield, and Woonsocket can now join the Credit Union.
We are very excited about the opportunity to serve the public at large and we will not lose focus on our mission of providing quality, competitive, and confidential services to our members.