About Us

Our History

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, including Public School Employees who work in Melrose.

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.

Mission Statement

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.

Field of Membership

The field of membership has expanded to those having the following:

Employees of the City of Melrose, including public school employees, and persons retired as pensioners from the above employment. Employees of Melrose Housing Authority, Congregational Retirement Homes, Inc., EMARC, Inc., Melrose Young Men’s Christian Association or Montvale Tire Company, who work in Melrose, Massachusetts. Also included are, voting members of the Melrose Chamber of Commerce, and the spouses of persons who died while within the field of membership of this credit union, employees of this credit union, members of their immediate family or household, and organizations of such persons.

Immediate family members include parents, spouses, children, brothers, sisters, grandchildren, grandparents, adoptive children, foster children and legal guardians and all of the above related to the member’s spouse.

And, if you transfer to another job or move out of the area, you can retain your membership with Melrose First Federal Credit Union, and continue to enjoy all the benefits as long as you are a member in good standing.

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.

The name "Melrose First" recognizes the Credit Union's rich history of service in the City of Melrose and reflects its commitment to put members' interests first. Offering consistent value, dedication and support for the past 54 years, Melrose First Federal Credit Union continues to operate as a not-for-profit cooperative and now welcomes new select employee groups into its membership. To experience the benefits of a true financial cooperative, let Melrose First be the "FIRST" financial institution to service all your financial needs.

Please contact Susan Boule, Manager at: sboule@melrosefcu.org, for information on joining our new field of membership.

Board of Directors

  • Maribeth Harrington, President
  • Bruce Bourque, Vice President
  • Margaret Sheerin, Secretary
  • Michael Lyle, Director
  • Ronald W. Alley, Sr., Director
  • Dan O’Shea, Director