Our History & Community
After President Roosevelt signed the New Deal in the early 1930s, the credit union movement began to flourish. Meanwhile, the immigrants of Lynn, Massachusetts and the members of the Beth Jacob Synagogue became dissatisfied with the high interest rates charged by local money lenders. Many of these people were immigrants or first generation Americans with a limited education and income, and they found themselves in destitute circumstances without sufficient recourses or the financial independence to combat high rates.
The membership of the congregation realized that they needed to establish a cooperative for the purpose of promoting thrift in small amounts to its constituents. The pinnacle of importance was to “provide a dignified place where (our) members can apply for small loans for provident purposes at a moderate rate of interest."
On April 23, 1934, the credit union was chartered. Less than a month later, on May 8, 1934, it opened for business. Since the credit union was derived from the brotherhood of the Beth Jacob synagogue, the credit union was aptly named Brotherhood Credit Union (BCU) and has remained this way to the present. When the credit union was incorporated, assets totaled at less than thirty dollars and the products and services selection was limited.
Fast-forward to the modern day, Brotherhood Credit Union now has thousands of members, with total assets exceeding $100,000,000. BCU has stayed true to its origins in the Metro-Lynn area and now operates two full-service offices located in Lynn and Marblehead. The credit union has also increased its field of membership to anyone living or working in Essex, Middlesex, Suffolk or Norfolk counties. Today, BCU offers a full-suite of deposit, lending, and online products that can be typically found at the larger banks - but without the high fees and the impersonal service.
BCU is proud to serve its members with the best rates and member service while never forgetting its early roots.