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News Now

CU System
VSECU becomes first CU to serve all Vermonters
MONTPELIER, Vt. (12/7/09)--Vermont State Employees CU (VSECU) is the first credit union in Vermont approved to serve anyone who lives or works in the state. The Vermont Department of Banking, Insurance, Securities and Health Care Administration recently made the decision about VSECU, said the Association of Vermont Credit Unions (Newslines Express Dec. 4). “Our long-term vision has been to make VSECU a true alternative to for-profit banks and to be available to all Vermonters,” said Steven Post, CEO of the $472 million-asset, Montpelier, Vt.-based credit union. “We now have that opportunity.” “This development is especially significant as consumers try to make sense of the bailouts, investment decisions and shortcomings in the country’s banking system,” he added. “The acquisition and merging of regional and state banks also have left Vermonters with less consumer choice and the loss of local control and servicing. We like being a local credit union, we like working with a Vermont regulator and we like being inclusive.” Prior to the decision, VSECU served residents of seven counties and state employees statewide.


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