About Us

The Industrial Credit Union (ICU) organized in 1910 is a state chartered community credit union doing business under the banking laws of the Commonwealth of Massachusetts.  Our sole purpose is to promote thrift and loan money at fair and reasonable rates of interest. 

We are the oldest community credit union in the United States. Chartered on November 23rd, 1910, we have kept our doors open through the Great Depression, and successive recessions. Current management has been with ICU for over 30 years. We are totally focused on the best interests of our members.

We take pride in offering personal service and a complete product line, coupled with interest rates that outperform most other financial institutions. According to NCUA’s Financial Performance Report as of June 30, 2009:

• We pay a dividend which exceeds peer average by 1.01%   
• Our lending rate is less than peer average by .85%
• Our operating expenses are less than peer average by 57% and 
• Our capital ratio of 12.43% exceeds peer average by 2.02%

Other performance ratios and detailed financial information are available under the Freedom of Information Act. You can access this data through the NCUA website. Our charter number is #67994 – you can click the link to go directly to the  NCUA Website.

Under Massachusetts Law, all funds are insured in full. Primary deposit insurance is provided for the first $250,000 by the National Credit Union Administration (NCUA). Excess funds are insured by the Massachusetts Share Insurance Corporation (MSIC). You can obtain information about primary coverage and how to hold title to your funds by visiting the NCUA website.