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Boston-area credit union adds biotech sector to field of membership

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Boston-based Tremont Credit Union has received regulatory approval to add the Massachusetts Biotechnology Council (MassBio) to its field of membership.

MassBio serves 1,200 member companies throughout the commonwealth, and Tremont CU already serves over 175 select employee groups across greater Boston. The credit union’s roots are in serving the education and health care sectors.

“This strategic partnership aligns perfectly with our other healthcare and education sectors, allowing us to further serve a community who have been so loyal to Tremont,” George G. Hardiman, Tremont CU president and CEO, said in a press release. “The MassBio Council contains some of the most important biopharmaceutical and biotechnology organizations around the world, committed to improving health and well-being. We are pleased to be MassBio’s credit union and welcome all their employees and family members to join the credit union.”

MassBio President and CEO Bob Coughlin said the group believes credit union membership will be a valuable benefit for members of the council and that “Tremont’s service delivery channels are robust and will serve our members’ needs well.”

Tremont Credit Union serves over 16,000 members and has $197 million in assets. Call report data from the National Credit Union Administration shows that Tremont earned $555,643 for the first half of 2019, a jump of almost 52% from same period last year.

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