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Big Loss Hits One of Nation’s Oldest Credit Unions

Workers FCU took a $62 million hit as it dumped underwater bonds acquired when interest rates were low.

By Jim DuPlessis | February 07, 2025 at 04:49 PM

Workers Federal Credit Union of Littleton, Mass., is one of the nation’s oldest, formed in April 1914 on the eve of World War I.

Although its net worth has remained well above the amount needed to be considered well-capitalized, it began losing money after the Fed began raising interest rates in March 2022.

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