Boston Based CU Adds Biotech Council and its’ 1,200 Firms to Fields of Membership and Utilizes Innovative Approach with its many SEGs
Select Employee Group (SEG) relationships continue to be a catalyst for growing membership within a credit union. Cultivating these relationships, maintaining a presence, being reliable, and dedicating individual resources to each SEG seem to be the ingredients to a making credit union stand-out.
In a day where so many people are unaware of their local credit union, or that they won’t have the same access to their accounts as they would in a traditional bank, Tremont Credit Union is trying to break the mold. Tremont CU of Boston, approved by the Massachusetts Division of Banks has added The Massachusetts Biotechnology Council (MassBio®), a consortium of 1,200+ of the largest and most influential biotechnology and biopharmaceutical companies in the world, to their field of membership as a Select Employee Group. Being at the hub of one of the most innovative industries in the world, Tremont Credit Union and MassBio recognized the benefits and opportunities that can come from such a partnership.
The Massachusetts Biotechnology Council (MassBio), a not-for-profit organization was founded in 1985. MassBio is committed to advancing Massachusetts’ leadership in the life sciences to grow the industry, add value to the healthcare system, and improve patients’ lives. The largest cluster of biotechnology and biopharmaceutical companies resides in the Metro Boston area.
“This strategic partnership aligns perfectly with our other healthcare and education sectors, allowing us to further serve a community who have been so loyal to Tremont” said Tremont CU president and CEO George G. Hardiman. “The MassBio Council contains some of the most important biopharmaceutical and biotechnology organizations around the world, committed to improving health and well-being. We are pleased to be MassBio’s credit union and welcome all their employees and family members to join the credit union.”
Tremont Credit Union is a hybrid credit union offering financial solutions to select employer groups and community banking for residents of Middlesex, Norfolk and Suffolk counties. Tremont has deep roots within the Boston area healthcare and educations sectors, originally starting as the Boston Teacher’s Credit Union in 1952. Since then, Tremont Credit Union has been able to grow to over 280+ SEGs, and now has added MassBio to its field of membership.
As a credit union, you are a direct reflection of your membership. We do our best as employees to foster deep relationships with SEGs, so that both the member and the credit union can flourish. We take our SEG relationships quite seriously and do over 100 community/on-site events each year. We like to acknowledge that our SEGs have trusted us with their financial solutions, allowing us to visit them at their locations, and participate in company events. SEGs such as the Boston Children’s Hospital, Blue Cross Blue Shield, Dana Farber Cancer Institute, the Massachusetts Fisheries and the Boston Teacher’s Union each have their own programs designed to keep the employers up to speed with new specials and updates, and gives the SEG employees an opportunity to meet and interact with credit union staff on-site.
For the past two years, we have offered a Boston Public Schools Teacher Classroom Scholarship program specifically for Boston Public Schools. The credit union learned that the average teacher spends $1,000 of their own money for items in the classroom. This ranges from musical instruments to coats and gloves. The program donates $2,500 to 3 teachers annually to buy school supplies for their classrooms. This year, Heather Mook received a $1,500 check for first place while Tawonia Queeley received $1,000 and Felicia Andre received $500.
It is important to cultivate SEG relationships, these organizations believe in your partnership and want to know that they are cared for. A properly managed SEG relationship can really catapult a credit union’s growth and solidify trust within a community.
Tremont Credit Union offers state-of-the-art banking products and conveniences with unlimited access to members both online and in branch. With approximately $200 million in assets, 20,000+ members and four full-service branches in the Greater Boston area, Tremont Credit Union is committed to supporting its members with high-yield deposit accounts, free rewards checking accounts, mortgages, auto loans, and specialty loans.
Tremont CU also offers conveniences like a 24/7 Call Center, 24/7 Online and Mobile Banking, live-texting, and a nationwide network of more than 5,500 Shared Branching and more than 36,000 ATMs allowing members access anywhere/anytime. We have committed to convenience through investment in technology as a cornerstone asset, because it is important for each member to know we are available throughout the day or night and wherever they may need us. We have also invested in ITM/ATMs in some of our SEG locations.
Bryan Sliech is a Business Development Specialist at Tremont Credit Union since 2018. Bryan is responsible for Select Employer Group relationships and initiatives. He can be reached by email at firstname.lastname@example.org or by phone at 1.781.664.6516.