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Our History: 1977-1987 - Milestones and Infrastructure

With the passing of Homer Bourgeois, the role of president was taken up by Léon Lavallée, a certified financial analyst with an MBA from Harvard University. He was hired by Bourgeois to work for the Credit Union part-time in July 1934. In 1938 he was elected to the Board of Directors.

During Lavallée’s decade as president, the Credit Union marked several milestones and navigated volatile economic times, including reaching $25 million in assets; double-digit interest rates; expansion of the bank’s headquarters; celebration of the Credit Union’s 75th anniversary; and the transition to computerized operations.

The late 1970s saw Lowell experience an economic revival with the establishment of the Lowell National Historical Park and high tech growth, including Wang Laboratories establishing its corporate headquarters in the city. In June 1978 the Credit Union reached a new milestone when assets surpassed $25 million.

In March 1982 the Credit Union celebrated yet another, revolutionary, milestone, its “entry into the field of computerized operations.” Up until this time the Credit Union had done all postings, balances and computation of interest of some 10,000 accounts by hand.

By its 75th anniversary in 1986, the Credit Union had, with just one branch, grown to $104 million in assets, over 18,000 members and 33 full- and part-time staff. Lavallée retired the following year, and the Credit Union realized another first in the election of a woman to lead Jeanne D’Arc Credit Union.