LEOMINSTER, MA (June 27, 2014) -- The Annual Meeting of Leominster Credit Union was held on April 15, 2014 at the Credit Union’s Executive and Operations Building in Leominster.
The President’s report presented the financial highlights for 2013. Total assets ending 2013 increased to $634 million from $608 million at the end of 2012. LCU is now ranked as the 11th largest credit union in Massachusetts. LCU’s loan portfolio remains strong increasing from $348 million in 2012 to $406 million in 2013. Deposits decreased slightly from $475 million in 2012 to $467 million in 2013. With a capital/asset ratio of 8.85%, Leominster Credit Union is recognized as a Well Capitalized Financial Institution by its primary regulator, the Massachusetts Division of Banks.
Following the Annual Meeting, the Board of Directors met and elected officers for 2014-2015.
Anthony A. Gasbarro was re-elected to the office of Chairman of the Board. He is a Leominster resident and has been on the Board since 2003. Gasbarro serves on LCU’s Executive, Investment, Compensation and Advisory Board Committees.
Michael J. Sauvageau was re-elected Vice Chairman. He currently serves on the Executive, Investment, Compensation and Credit Committees. He has served on Leominster Credit Union’s Board of Directors since 2007 and resides in Fitchburg.
Giulio G. Greco, was re-elected Treasurer. He serves on the Executive, Audit and Advisory Board Committees. Greco is a lifelong resident of Leominster. He has served on the Board since 1978.
Henry C. Kulik, Jr. was elected Assistant Treasurer. Kulik is a resident of Westminster and joined the Leominster Credit Union Board of Directors in 2011. Kulik serves on the Executive and Audit Committees.
Richard A. Sheppard was elected to the position of Clerk. Sheppard has been on the Board of Directors since 2006. He serves on the Executive, Investment, Compensation and Audit Committees. Sheppard resides in Sterling.
Joining the officers on the 2014-2015 Board of Directors are, Amedeo E. Bilotta of Lunenburg, Bruce J. Bollivar of Holden, Andrew D. Cousins of Sterling, Nancy L. Graves of Leominster, Joyce
A. LaFleur of Leominster, Joseph V. Quintal of Clinton. The Board of Directors is responsible for setting LCU policies.
Founded in 1954, Leominster Credit Union (LCU) is a member-owned, not-for-profit financial cooperative with a full range of deposit, lending and other financial services. Headquartered in Leominster, Massachusetts, LCU is proud to claim nearly 50,000 members and more than $600 million in assets. LCU has seven branch locations in Leominster, Worcester, Clinton, Holden, Sterling and North Leominster with ATM services at all branch locations. 24-hour online banking services are available at www.leominstercu.com and by telephone at 800-649-4646.