History of MSIC

MSIC - A Rich History

1950's

Toward the end of the 1950s, a small number of Massachusetts credit unions, whose boards believed that share insurance was the best way to serve their members, worked diligently and collaboratively to create a share insurance program.

1961

After nearly four years of contentious and sometimes acrimonious debate, legislation creating the Massachusetts Credit Union Share Insurance Corporation is passed. On March 29, 1961, representatives from ten of the fifteen founding Massachusetts credit unions, along with State Representatives and attorneys, gather around Governor John Volpe as he signed the statute that officially created MSIC.

1962

MSIC establishes headquarters in Springfield, Massachusetts.

1964

MSIC relocates to Seven Hills Plaza in Worcester, Massachusetts (the geographic center of the Commonwealth).

1971

MSIC distributes computer-generated reports to its members that included metrics that could serve as a yardstick for operations.

1974

MSIC relocates to Mechanics National Tower in downtown Worcester, Massachusetts.

1983

In collaboration with the Credit Union League of Massachusetts, MSIC introduces legislation to amend Chapter 294 of the Acts of 1961, which authorizes MSIC to accept both federally-chartered and state-chartered credit unions as members.

1985

MSIC relocates to Boylston Street, Boston, Massachusetts.

1980-90s

MSIC plays a critical role in Massachusetts during the banking crisis of the late eighties and early nineties. It provides several Massachusetts based credit unions with the required capital to obtain federal insurance, allowing them to continue to operate independently rather than being merged or liquidated.

MSIC plays a critical role in Massachusetts during the banking crisis of the late eighties and early nineties

1991

The Massachusetts Division of Banks orders all Massachusetts-chartered institutions to obtain NCUSIF primary deposit insurance as a matter of safety and soundness.

1995

MSIC relocates to West Park Drive, Westborough, Massachusetts.

MSIC produces and publishes its first Custom Performance Report (CPR) that allowed each member credit union to compare its performance to other, similar credit unions within Massachusetts, the region and the nation.

1996

Chapter 115 of the acts of 1996 is adopted, which authorizes MSIC to continue to insure federally-chartered member credit unions.

1997

MSIC publishes and releases The Handbook for Credit Union Directors that was written for the benefit of both state and federally chartered MSIC members. Over 7,000 copies are distributed throughout Massachusetts.

2000-2010

Throughout the first decade of the new millennium, MSIC continues and expands its program, onsite, online and in print, to keep members informed about industry trends, legislation and best practices.

2010

Chapter 284 of the Acts of 2010 is enacted and thereby removes the deposit caps limiting the deposits that may be legally held by Massachusetts-chartered credit unions. MSIC now ensures shares and deposits at all its member credit unions without limit.

2011

MSIC Celebrates its 50th Anniversary.

2012

MSIC relocates to Rowes Wharf in the heart of the Financial District of Boston, Massachusetts.

MSIC releases its first Economic Report on Massachusetts.

2014

MSIC rolls-out the Liquidity Reserve Fund to its state-chartered members. The LRF is a depository and lending facility created by a Massachusetts law which allows MSIC to help transfer excess liquidity throughout the MSIC collaborative system.

2017

In May, MSIC forms a new wholly-owned subsidiary, MSIC Properties, LLC, and purchases a 65,000 square foot office building at 233 Needham Street, Newton, Massachusetts in the new N2 Innovation District on the Newton – Needham town line. It provides the MSIC Insurance Fund with asset diversification and a new revenue stream.

MSIC Partners, LLC, a CUSO owned by MSIC and 20 credit union member institutions, successfully launches. MSIC Partners will serve as a platform of innovation designed to provide reduced operating costs through collaboration and a source of much needed non-interest income to its investors.

2018

In September, MSIC relocates its entire operations to the Needham Street, Newton, Massachusetts location. This move provides MSIC with room for future growth as well as significantly reducing the corporation’s occupancy expenses.

2019

MSIC completes the design and construction of a state-of-the-art training and conference facility at the Newton office building.

2010-2021

MSIC continues to prove itself as both a regional and national leader in training, consultation, legislation and technology development with the goal of making its members – and its credit union peers around the country – more relevant, more informed and more competitive.