Our History: The Depression
Economic conditions frayed early in Lowell as the textile industry began to decline and mills began to close in rapid succession beginning in 1926. In that year the Suffolk Mills, Lawrence Manufacturing and Hamilton Manufacturing Companies were sold or ceased operations. The following year the Appleton Manufacturing Company moved south, the Massachusetts Mills were sold and ceased operations and the Tremont Mills shut down.
It was during this time that changes in the Credit Union’s Franco-American traditions also began, reflecting the bank’s growth beyond its original founders’ vision. On December 10, 1924, the board voted, in reaction to a communication from the Bank Commissioner, that applications would now be made available in both French and English. On December 9, 1925, a special meeting was held and proposed by-law changes were read “in French by Secretary” and then “in English by E. N. Foisy.” The tradition of conducting board meetings in French, however, did not change until 1976.
While asset growth remained steady through the 1920s, by 1930 growth began to decline and fluctuate.