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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 have a 5 star safety rating (the highest) from Bauer Financial.


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 September 30, 2013:

  • Our interest on deposits is 2.40 times higher than peer.   
  • Our lending rate is 1.19% lower than peer and
  • Our operating expenses are 63% lower than peer

 

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 – 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.  Information regarding excess insurance is available at the MSIC website