History
Athol Credit Union was founded on July 12, 1930. The credit union has been privileged to have individuals associated with it who represent industry and who have been deeply committed to growth in their community.
Joseph W. Wilcox was the first president. The first vice president was Arthur H. Starrett, who later became president.
In 1964, Joseph R. Linehan was elected president, succeeding Edmund L. Bruno. Mr. Linehan had extensive banking experience, which included being a teller with the Athol National Bank for 21 years, holding a similar position at the First National Bank of Athol, and filling the title of Treasurer of the Conway Savings Bank for 10 years. Others who served as president include: Edwin J. Blease , Leo Corriveau, Donald G. Engel, Gordon B. Herbert, Lyndon H. Lincoln, and Richard W. "Dick" White. Mr. White retired in 1998, ending a 34-year career that he started in 1964 as a teller. Current President, Kevin J. Miller, succeeded Mr. White in 1998.
The credit union had a humble start. There were 64 members and 8 borrowers. The pool of money they could draw from was $870.71. For the first fiscal year, unsecured loans could be made up to a limit of $50 and secured loans to a limit of $200. Shares at the time were five dollars, which could be paid outright or at a rate of twenty-five cents per week. The membership fee was also twenty-five cents.
Proving its worth, by the end of the sixth year, the credit union had grown to 735 members and 424 borrowers with assets over $43,000. In just 15 years, it passed the million dollar mark. Today we have assets totaling over $75 million and nearly 8,000 members.
