By Ross Marrinson
rmarrinson@hgazette.com
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The Northern Massachusetts Telephone Workers credit union is opening its fifth community branch in Haverhill, at 20 Cushing Ave.
"We are thrilled to become part of the Haverhill community," said Kenneth Del Rossi, NMTW president and CEO. "We are able and willing to meet the financial needs of both individuals and businesses in the area by providing safe and trusted financial resources and tools."
Founded in 1922, the NMTW was created to serve state telephone workers with any financial needs or services they may have required. The stated purpose of the credit union was, according to its website, "to promote thrift among its members by giving them an opportunity to save money in small amounts and to obtain loans at moderate rates for purposes which promise to be of benefit to the borrower."
"We still believe in that philosophy," Del Rossi said. "The credit union way is more flexible, friendlier, easier, better, and has more moderate rates."
Membership with the NMTW is available to any individual or business in Essex or Middlesex county, many towns in Norfolk and Worcester counties, and various spots within Rockingham and Hillsborough counties in southern New Hampshire.
"This is good for both Massachusetts and New Hampshire," said President and CEO of the Greater Haverhill Chamber of Commerce James Jajuga. "There is a convenience factor here."
Additionally, with a stagnant unemployment rate and businesses struggling to gather enough capital to support new ventures to stay afloat, adding another credit union to the area can only benefit the citizens of Haverhill, Jajuga said.
"More competition is healthy, we know that," he said. "This just means more savings for the consumers."
The decision to come to Haverhill was easy, Del Rossi said.
"Well, there's a large population, but it's more than that," he said. "The opportunity arose that we could help some people out by giving them another financial option."
The credit union will provide myriad services, from financial management, investment services and auto and homeowners insurance.
Additionally, NMTW will offer an auto adviser service for customers looking to buy a vehicle. For a $25 deposit, the adviser will go to the dealership with the customer, discuss good prices and work to obtain a manageable financing rate.
"This is just another value-added product that we can provide," Del Rossi said.
Del Rossi said that he'd like to work with Mayor James Fiorentini to help some economically challenged areas of Haverhill.
"We did some similar work in Lowell," Del Rossi said. "We'd love to invest some money to work to build it back up. That's our duty as members of the community."
NMTW celebrated its grand opening last Saturday, with a cookout, caricature artists, drawings, giveaways and music provided by 92.5. For Del Rossi, this is just the beginning of what he hopes will be a beautiful partnership
"I would like to be the best community advocate and friend," he said. "We want to be different. We want to be better."
The arrival of NMTW makes Haverhill a two-credit-union city again.
Haverhill Bank and Northeast Community Credit Union became one institution — under the Haverhill Bank name — in January 2009. Since then, Merrimack Valley Federal Credit Union has been the only credit union with a branch in the city.
NMTW now occupies the former offices of Northeast Community Credit Union on Cushing Avenue.
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