History

This history overview is dedicated to commemorating Northeast Credit Union's milestones.

June 16, 2006 marked a momentous milestone in Northeast Credit Union's history. It was the day we proudly celebrated 70 years of servicing our members and the community. We take this opportunity to reflect back to the beginning, to recognize the events that have shaped the credit union, such as helping members' fund a child's education or achieve the dream of owning their first home. It is also an opportunity to celebrate our future!

As you read along, you will recognize how dramatically Northeast Credit Union has grown. It all started when ten individual members, each subscribing to one share, established our roots in 1936 as Portsmouth, NH U.S. Employees Federal Credit Union #1515. Throughout our history, we have prospered by building relationships with our members based on trust. The trust in knowing that Northeast Credit Union will guide them to the right financial product and service to help enhance their financial well-being. Our products have been designed to support our members in achieving their goals and effectively manage their finances.

In 1977, Northeast celebrated the introduction of share draft accounts. In 1982, Individual Retirement Accounts and Mortgages were introduced and then the following year Northeast Credit Union added Visa credit and debit cards to our product mix. Just five years later, Borthwick Associates, then our investment services arm, began offering annuities and received their first securities license in 1993. Today, Northeast Credit Union is truly a one-stop-shop for all of our members' financial needs.

As an organization, we continually strive to provide the services that will add ease and convenience. In 1990, we added QuikTel - account access by phone, and in 1999, we responded to those that preferred managing their accounts online with CyberTel - online banking. Then, in 2003, Northeast Credit Union introduced electronic bill payment and online application processing. In the coming year, we will be introducing online membership applications and online mortgage applications accessible from necu.org. Utilizing online based applications further expands our field of membership. Now anyone that lives, works, worships or transacts business within six counties of New Hampshire or a twenty-five mile radius of any Northeast Credit Union branch location can be a member.

With all that has evolved since our founding, one thing remains constant. Our central focus is our members and the communities we serve. Northeast Credit Union remains true to the credit union creed - people helping people.

Thanks to our members, we have seen substantial growth in both financial stability and geographic expansion. One of our biggest milestones came in 1997, when Northeast Credit Union converted from a federally chartered credit union to a state chartered credit union. To better meet the needs of our growing membership base, we opened the doors of our present Dover branch in 1999 and our Exeter branch in 2000, and in 2004 we relocated our Manchester and Rochester branches to their present locations.  In 2007, we opened our branches in Lee and Northwood. Today, Northeast Credit Union has nine full-service branches with our vision set on future expansion.

Yes, we have faced challenges. The recession of the 1980s, the closing of Pease Air Force Base in 1990, the down-sizing of the Portsmouth Naval Shipyard, weathering the storms of the 90s when the banking industry lobbied Washington politicians about credit union exempt-status, and most recently the severe real estate and economic downturn. Through it all, we've never forgotten why we were originally founded - to make credit more available to people of modest means. To be a trusted neighbor.

Remaining true to our values has led us to today. We thank our dedicated board, management team and staff who work diligently each day to uphold our mission and achieve our strategic vision.

In closing, we'd like to recognize and thank our members, for Northeast Credit Union's success. In fact, our very existence is due entirely to our members. We're honored to be your trusted neighbor.