Over the past several months, Common Trust Federal Credit Union has been working towards expanding to a community charter in order to stay competitive in the consumer finance industry. It has been announced that they received approval for the charter request from the National Credit Union Association. This charter expansion will allow the credit union to widen its field of membership to serve more towns and cities within Middlesex County.
This expansion comes following the announcement that it will be changing its name to Common Trust Federal Credit Union, effective on May 1st. Both, of these initiatives, are part of the credit union’s strategy to continue broadening its offerings to serve more people living in Woburn and the surrounding communities.
The charter expansion will allow the credit union to “serve persons who live, work, worship, regularly conduct business in, or attend school in, and businesses and other legal entities located in a contiguous portion of Middlesex County, Massachusetts, consisting of Bedford, Belmont, Burlington, Concord, Lexington, Lincoln, Medford, Melrose, North Reading, Reading, Stoneham, Tewksbury, Wakefield, Wilmington, Winchester, and Woburn, Massachusetts.”
Prior to the charter approval, those eligible to become a member of Common Trust Federal Credit Union was limited to anyone who worked for the City of Woburn, was enrolled in the Woburn School System, or worked for a company that’s part of the Woburn Business Association and all their family members. Current members of the credit union will continue to be eligible for membership after the new charter goes into effect.
With a goal of being a leader in Middlesex County, the credit union is looking forward to supporting more individuals through their low-interest rates, low fees, and personalized service. Even as Common Trust Federal Credit Union continues to grow, the leadership ensures that the core values of the credit union will remain the same and that the city of Woburn will continue to be its home.