Annual Meeting

56th Annual Meeting of the Common Trust Federal Credit Union

Common Trust Federal Credit Union held its 56 th Annual Meeting of the Membership 0n April 11, 2023 at it’s main office at 8 Cedar St. Woburn, MA 01801. Chairman of the Board, Kathleen McSweeney and President/CEO James M. McCorkle presented the 2022 Annual Reports to the attendees, embracing Common Trust Federal Credit Union’s legacy and focusing on the strategic plans for the future of the credit union.

Chairman McSweeney and Mr. McCorkle discussed the investment in innovative technologies while offering competitive loan and deposit rates and the recent merger of Bedford VA FCU into Common Trust at the end of 2022. Mr. McCorkle also addressed the recent bank failings and how the members of Common Trust FCU should be relieved to know that no credit union has ever lost one cent of any members deposit and that Common Trust has taken additional steps to ensure our member’s deposits by not only NCUA but the additional insurance of MSIC, Looking ahead, Mr. McCorkle referred to the changing and difficult rate environment we are in, and the commitment Common Trust has made and will continue to make to support the needs of our community. “Our continued compassion and support for the needs of our community and employees is what drives our institution,” stated President/CEO James McCorkle. “While few of us know what the rest of 2023 will bring, there is no doubt in my mind that Common Trust’s Credit Union’s dedication to our members and employees, and a commitment to the communities we serve will carry us into the future.”

Chairman McSweeney concluded the meeting by announcing that there are six open seats on the board and that there were three people willing to serve three-year terms. Chairman McSweeney then ask for any nominations from the floor. Having not received any nominations Kathleen explained that the board would work to fill the three open positions for a period until the next annual meeting.

The people that were elected for the board are:

1. Harrison Condon

2. Joseph Tarby

3. Tushar Somani

Please check back for our latest annual report and statement of financial condition. For questions, contact us.