News and Information

Leominster, MA– Leominster Credit Union announces they have hired Craig Madonia as Senior Vice President of Lending. Madonia will oversee all commercial, consumer, indirect and real estate lending, as well as collections and loan servicing. Madonia fills the position vacated by John O’Brien, who was recently appointed President and CEO.     

“We are delighted to have Craig on-board at LCU,” said O’Brien.  “We are confident that with his expertise in all facets of the lending function, coupled with his excellent leadership skills, he will be a tremendous addition to the management team.”

In addition to the oversight of the Lending Division and participation as a member of the Senior Management Team, Madonia will also serve on the ALCO, Credit and New Product Development Committees.

Madonia was previously with Central One Credit Union in Shrewsbury where he was responsible for overseeing the lending functions including commercial, mortgage and consumer lending programs as well as collections.  Prior to Central One, Madonia held lending positions at Barre Savings and UniBank for Savings.

Madonia earned a bachelor’s degree in Finance from Fitchburg State University. He also has taken courses at Fairfield University on Cash Flow, Business Analysis and Commercial Credit. Madonia is a resident of Leominster.

Leominster Credit Union will hold a Shred-A-Thon at its 910 West Boylston Street, Worcester, MA office on Saturday, September 21, 2013 from 8:30AM – Noon.

Members and non-members can get rid of old, sensitive documents by shredding and recycling them at the Shred-A-Thon.  All items will be shred on site by a secure shredding service, Northeast Data Shredding.

Members of the community can bring up to three legal size file boxes or three 13-gallon kitchen trash bags to be shred for free.  However we will be accepting donations to Habitat for Humanity during the event.  The Shred-A-Thon helps raise awareness about recycling and the importance of shredding personal documents to protect against identity theft. 

Important documents to bring to the Shred-A-Thon include bank statements, tax returns, medical bills, credit card statements and other personal documents.

For more information contact Joanne Lattanzi, Marketing Manager 978-466-7240 or marketing@leominstercu.com.

For the thirteenth consecutive year, Leominster Credit Union was pleased to participate in Children’s Book Month, an annual event sponsored by the Massachusetts Credit Union League.

During the month of April, LCU accepted donations of unused and gently-used children’s books.

LCU Members and employees collected 660 books, which were donated to various organizations including, UMass Memorial Pediatrics, Boston Children’s Hospital, Sherry’s House in Worcester, African Community Education in Worcester and the Leominster Community Coalition.

Sharing responsibilities for organizing LCU’s collection efforts were Kathy Hurley, Human Resources Administrator, and Jessy Chiurri, Receptionist.

Since its inception, Children’s Book Month has been sponsored by the Massachusetts Credit Union League, the oldest continually operating trade group in the United States. The League supports its credit union members across the state in many ways, including philanthropic programs like Children’s Book Month.

Has any one seen a Guru lately?  Clinton Middle School has!  Ingrid Adade, LCU’s Financial Education Officer, visited Ms. Brenda DiSessa’s 6th Grade Math class each Monday during the school year where the children were taught about money and life lessons through “Money Island” an interactive online game.   Money Island teaches kids to become "financial gurus" through this fun-filled online world.  Students compete with one another through various stages, keeping the game exciting and challenging.

Ms. DiSessa stated, “My class looked forward to Mondays when Ingrid would come in.  Attendance was always high on those days. The students really took to the Money Island game and had fun while learning some valuable life-long lessons. One of my students was able to save $3 million dollars! Ingrid is an amazing teacher and the kids really liked her.”

“Money Island is a game that educates in all the standards; economics, math, reading and decision making,” commented Ingrid Adade. “As we all know how important it is for students to develop good financial skills, and what they learn while playing Money Island is a tool for their future success. I enjoyed teaching Ms. DiSessa’s class, the student “Guru’s” were wonderful.”

The employees of Leominster Credit Union donated $350 to Kylee’s Kare Kits for Kids by holding a “Jeans Day”. Throughout the year,  employees pay to wear jeans to work and the funds raised are donated to various organizations.

Kylee McCumber is eleven years old and a fifth grader at Southeast School in Leominster, MA.  In September of 2012 she started Kylee’s Kare Kits for Kidz to help children who did not have enough food at home on the weekends.

Maila Berry of Leominster Credit Union was at a Montachusett Area Rotary Club meeting the day Kylee and her grandmother were the guest speakers. Maila was so impressed with this young girls drive and caring spirit that she returned to LCU and proposed Kylee’s organization be put on the list as a recipient of a Jeans Day.  Naturally the employees jumped on board.

Currently Kylee’s Kare Kits for Kiz provides food every weekend for children in the Leominster public school system. Each Friday the children receive a kare kit that includes cereal, juice, fruit cups, applesauce, pudding, macaroni & cheese, Chicken noodle soup, Chef Boyardee or Spaghettios products, granola bars, fruit snacks, peanut butter crackers…. The contents of the kare kits vary week to week depending upon what they can purchase on sale or what may have been donated that week.

If you would like contribute contact Kylee at kyleeskarekitsforkidz1@gmail.com or by mail to Kylee’s Kare Kits for Kidz 68 Main Street #564 Leominster, MA 01453.

The Annual Meeting of Leominster Credit Union was held on April 16, 2013 at the Credit Union’s Executive and Operations Building in Leominster.

The President’s report presented the financial highlights for 2012. Total assets ended 2012 at $608 million which was slightly below the $614 million level at the end of 2011. LCU maintained its position as the 13th largest credit union in Massachusetts. LCU’s loan portfolio remains strong increasing from $332 million in 2011 to $348 million in 2012. Deposits grew 2.75% from $462 million in 2011 to $475 million in 2012. With a capital/asset ratio of 9.79%, Leominster Credit Union is recognized as a Well Capitalized Financial Institution by its primary regulator, the Massachusetts Division of Banks. We remain a profitable institution with net income of $1.2 million for 2012.

Among the Financial Education and community support initiatives that LCU participated in 2012 was a day-long conference for college students, Finding Easy Street-A Life Skills Conference. The conference was organized and designed by LCU employees and held at Assumption College.  The conference received favorable reviews and will be an ongoing initiative for other local colleges.

Following the Annual Meeting, the Board of Directors met and elected officers for 2012-2013.

Anthony A. Gasbarro was elected to the office of Chairman of the Board. He is a Leominster resident and has been on the Board since 2003. Gasbarro also serves on LCU’s Executive, Audit, Investment, Compensation and Advisory Board Committees.  Gasbarro succeeds Amedeo E. Bilotta as Chairman of the Board.   

Michael J. Sauvageau was elected Vice Chairman. He currently serves on the Executive, Audit and Investment Committees. He has served on Leominster Credit Union’s Board of Directors since 2007 and resides in Fitchburg.

Giulio G. Greco, who is a past Chairman of the Board, was elected Treasurer. He serves on the Executive, Audit and Advisory Board Committees.  Greco is a lifelong resident of Leominster

Joyce A. LaFleur was elected Assistant Treasurer.  LaFleur joined the Leominster Credit Union Board of Directors in 2007. LaFleur resides in Leominster and prior to her joining the Board of LCU, she was a member of LCU’s Advisory Board.  LaFleur sits on the Executive, Credit, Compensation and Advisory Board Committees.

Nancy L. Graves was elected to the position of Clerk. Graves serves on the Executive, Credit, Compensation and Advisory Committees. She is a Leominster resident and has served on the LCU Board of Directors since 2004.

Joining the officers on the 2012-2013 Board of Directors are, Amedeo E. Bilotta of Lunenburg, Bruce J. Bolivar of Holden, Andrew D. Cousins of Sterling, Henry C. Kulik, Jr. of Westminster, Joseph V. Quintal of Clinton and Richard A. Sheppard of Sterling. The Board of Directors is responsible for setting LCU policies.