Our History: 1990-2007 - Branching, Mergers and Technology
Upon Lucille Sullivan’s retirement, the board turned to Paul Mayotte who, like his two predecessors, had worked under Homer Bourgeois. Mr. Mayotte joined Jeanne D’Arc Credit Union in April 1982. He was elected to the board as a director in 1987.
Mayotte, elected President and Chief Executive Officer on January 9, 1990, was a graduate of Merrimack College, received an MBA from Suffolk University and attended the Rutgers Stonier Graduate School of Banking.
In June 1990 the Credit Union updated its computer system and in July discussions began on the need for additional space. By 1992, assets had grown to $236 million and Mayotte and the board were exploring new ways of serving members.
The Credit Union began exploring not only physical branch expansion options, but also updating technology to serve members’ needs and to develop new markets. In 1993, an ATM program was started and a Building Committee report recommended investigating the feasibility of establishing a branch office. The following year a new checking product was introduced as was a credit card program.
Mayotte also looked to stimulate growth by joining forces with smaller credit unions through mergers. The first of three mergers in the 1990s took place on April 1, 1996, as Jeanne D’Arc Credit Union assumed the assets of the Saints Memorial Employee Federal Credit Union. This resulted in 600 new members and additional $1.762 million in assets to the Credit Union.
With just one office, the Credit Union sought ways to serve its growing and increasingly dispersed membership. As it celebrated its 85th anniversary in February 1997, still another “first” was underway, the construction of a branch office on Lakeview Avenue in Dracut, Massachusetts. The new branch opened on April 14. In keeping with its founders’ goal of encouraging savings and self-sufficiency at an early age, the opening of the first high school branch at Dracut High School followed soon thereafter in September. Meanwhile membership continued to climb with the addition of 100 to 400 new members per month. And on October 21, the board approved a second merger, this time with the Lowell Sun Employees Credit Union. As a result, the Credit Union gained 300 members and $1.238 million in assets. A third merger, with the Colonial Gas Employees Federal Credit Union took place in 1999. This action added $3.093 million in assets to the Credit Union’s balance sheet and 1,000 to its membership.
As the Credit Union neared its 90th anniversary, more changes quickly followed with the opening of a second high school branch in 2000 at the Nashoba Valley Technical High School. In April 2001, the call center was expanded and a new automated phone center established to serve the growing needs of members. That year also saw the Credit Union hold its first Home Buyers’ Seminar in March, earn a Diamond Award for Marketing Excellence in May, launch its web site, jdcu.com in July and open a Tyngsboro branch in September.
During the long period of moderate economic growth in the 1990s, the Credit Union more than doubled its asset base from $236 million in 1992 to $549 million by the time it celebrated its 90th anniversary in 2002. In 2003, a Chelmsford branch and loan center opened, as did a third high school branch at Lowell High School. In 2005, plans were underway for a new corporate headquarters.