About Us

Our Mission

Melrose First Federal Credit Union is dedicated to providing competitive financial products and superior service to our members through sound business practices. The Credit Union movement is committed to superior service to our membership.

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Melrose’s Original Credit Union

Melrose First Federal Credit Union was chartered in February 1962 as a not-for-profit financial cooperative. The Credit Union was originally chartered to serve the employees of the City of Melrose and the Public Schools. As of January 1, 2016, the opportunity to join Melrose First has expanded to select employee groups within a 25 mile radius of the Credit Union, along with members of their immediate family and household.

As a not-for-profit financial cooperative we offer competitive rates on savings and loans. Because we are owned by our members, profits are returned to the membership in the form of lower loan rates, higher dividend rates, and new or improved products and services.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.


What is a Credit Union?

You’ve probably heard of banks, but you might not be as familiar with Credit Unions. They are financial institutions too, but are not-for-profit organizations owned by all of its members.

Credit Unions exist to provide members with the best possible affordable financial assistance. They offer lowcost loans, a competitive return on your savings, and personal friendly service. “People Helping People” — Not For Profit, But For Service!

Credit Unions are cooperatives and are owned collectively, by all members. Policy is set by a member elected Board of Directors. Join the Melrose First Credit Union today and let us show you the Credit Union difference. Your voice counts!

Your Funds Are Safe at Your Federally Insured Credit Union

The shares in your Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States Government.

Since 1961, we’ve met the needs of the Commonwealth’s credit unions for added protection of their members’ deposits. Providing excess insurance to select state and federally chartered credit unions across the Commonwealth, MSIC is proud to be a vital part of the credit union community.

Board of Directors

  • Ronald W. Alley, President
  • Bruce Bourque, Vice President
  • Margaret Sheerin, Secretary
  • Michael Lyle, Director
  • Dan O’Shea, Director
  • Yvette Drinkwater, Treasurer