UMassFive College Federal Credit Union leaders, elected officials and town officials cut the ribbon to commemorate the new branch’s opening.
Reminder Publishing photo by Peter Tuohy
EAST LONGMEADOW — UMassFive College Federal Credit Union leaders, elected officials and East Longmeadow town officials gathered at 465 North Main St. on Oct. 7 to celebrate the opening of a brand new UMassFive branch with a ribbon cutting.
The credit union’s mission is to create access to financial well-being for members and the communities the co-operative serves. It started in 1967 and operates out of Hadley.
UMassFive CEO and President Lauren Duffy kicked off the ceremony by recognizing the involvement UMassFive has in the community, particularly with Springfield’s The Gray House.
The Gray House is a nonprofit social service agency that provides food, clothing and education services to local residents facing hardship.
Duffy recognized the organization with a $2,500 donation to The Gray House’s “Fill the Plate, Feed a Family” challenge.
She gave the donation to Gray House Executive Director Isabella Brady-Prankus before inviting state Rep. Brian Ashe to make a few remarks.
Ashe said he is a big fan of credit unions because he knows what they do for communities. He issued a citation of congratulations from the Massachusetts House of Representatives.
“Banks have their place, obviously, but credit unions are much more personal,” Ashe said. “They’re community bred and born, the people live around there, they understand what’s going on, whether it’s East Longmeadow, Longmeadow, Springfield, all around the area.”
State Sen. Jake Oliveira’s District Director Jennifer Pickering also read a citation from the state before Duffy took the podium again.
Duffy said the branch is UmassFive’s “Hampden County hub” and offers an entire range of accounts and loans, mortgage consulting, wealth advising and business cash management.
The branch also features a free coin machine for members and a smart ATM that “brings the variety of transactions, often only available at a teller window, into a convenient, 24/7 drive-up,” according to Duffy.
“I’m incredibly proud to be joining the ranks of property owners here in East Longmeadow,” Duffy said. “This branch is not a market test for us. UMassFive already serves thousands of households in the Greater Springfield area. Our presence on this corner, where so much of the local population travels for their daily lives, is a long-term commitment for us.”
UMassFive Board Chair Jacki Watrousfor said the board is passionate about supporting sustainable growth of the credit union and everyone is welcome there.
U.S. Rep. Richard Neal said credit unions started because people were being denied when seeking access to credit and commercial and personal loans.
“Fraternal organizations, ethnic groups assembled for a very common purpose and that was to get access to credit for people who desire to build great businesses, commercial undertakings, investments, accepting the risk that comes along with it,” Neal said. “Cash flow was a really important part of the American economic system. It’s essential.”
He said what the credit union system did during the COVID-19 pandemic was remarkable and they proved the value of their mission statement.
“You got the cash out the door to people who really needed it based upon their credit histories,” Neal said. “It was extraordinary. We were able to reinforce it at the federal government level.”
East of the River Five Town Chamber of Commerce Executive Director Grace Barone said it’s always a celebration when a new business comes to town because the chamber is all about community.
“As I look out here, I see all of our amazing businesses who came out here today to support the UMassFive College Federal Credit Union and welcome them to the town of East Longmeadow,” Barone said. “The moment they started this reconstruction here, they connected the chamber and instantly wanted to know how to become a member of the community … They’ve been wonderful partners and I’m looking forward to continuing to work with them and accomplishing great things.”
Town Manager Tom Christensen said he has seen many iterations of 465 North Main St., but the new structure is by far the best.
“This place looks absolutely amazing,” Christensen said. “I look forward to developing partnerships. You got a great location and I look forward to working together.”
The branch lobby is open Monday through Friday from 9 a.m. to 4:30 p.m. with video teller hours until 6 p.m. The lobby and video tellers will be open 9 a.m. to noon on Saturdays. It is closed on Sundays.
