An Endeavor of the Heart:
How a Credit Union Changed a City

John MacDonald
August 29, 2007 | COMMENTS

As the shiny keys of the new corporate headquarters of the Merrimack Valley Federal Credit Union glistened in the doorway, Peter J. Matthews, Jr., the credit union's president/CEO, reflected on the two-year project that has changed the credit union and the City of Lawrence forever.

“This project defines who we are as a credit union, but more importantly will define the future of our community,” said Matthews.

The new headquarters now occupies what was once a dilapidated mill building along the Merrimack River that represented over 50 years of economic blight and depression for the City of Lawrence . This building, that had once operated as a power plant for surrounding bustling mills during the early 1900s in the Merrimack Valley region, was representative of every thing that had gone wrong for Lawrence . For years it had cast a dark shadow—drug addicts left hypodermic needles on the floor and homeless residents slept hidden from the world. Not any longer—newly renovated with its two towering smokestacks standing proud, the building now displays the new sign of the Merrimack Valley Federal Credit Union for all to see.

Now Merrimack Valley Federal Credit Union is poised to fulfill its mission—to serve the underserved and to provide low- or no-cost products and services to its members, and make the credit union available to the people of the community . . . to serve those who need them most and to take care of the “little guy.”

In the Beginning

It was just two short years ago when Peter Matt hews was introduced to Sal Lupoli , who had purchased the mill building. Lupoli is a successful entrepreneur and owner of Sal's Pizza, with over 30 franchises. He also opened his first upscale restaurant in another mill building adjacent to the dilapidated power mill, which was likely to be taken by eminent domain and torn down. Lupoli decided he wanted to restore the rundown building to its once-proud state.

“I wanted to blend this building into the rest of my vision for the complex,” said Lupoli. “Sure, anyone could tear it down, but I wanted to restore it. The smokestacks are a significant part of Lawrence 's history and I wanted to save them.”

Successful in both his personal and professional life, Sal Lupoli was the perfect fit to work with the Merrimack Valley Federal Credit Union. Committed to the community and several local organizations, Lupoli has always been eager to help those in need and has a passion for giving back.

“Sal's driven and passionate about his business and his passion only rises when you see him coaching the local Pop Warner football team or his old high school football team,” said Matthews. “He is definitely connected with the people and the community.”

Working with the Merrimack Valley Chamber of Commerce, and developing a strong relationship with chamber president Joe Bevilacqua , were critical to the project's success. Bevilacqua brought Lupoli and Matt hews together and the rest, as they say, is history.

Bevilacqua understands the Merrimack Valley and particularly the needs of Lawrence. By maintaining the headquarters of the Merrimack Valley Chamber of Commerce in downtown Lawrence , and working through several unsuccessful government administrations, Bevilacqua has been able to gain an appreciation for recognizing unique opportunities and the best way to take advantage of them.

“It took us years to find the right location,” said Matthews. “Bevilacqua worked closely with us to bring our credit union to this location. It's been a great partnership.”

Finding the right partner who shares a common vision is often challenging, but not in this case. “We knew what the credit unions' needs were and I knew that Sal needed the right partner. It was a perfect marriage from the start,” commented Bevilacqua.

Moving Forward

Any significant project that's in the eye of the public requires the support of local, state, and federal government. In particular Michael J. Sullivan, mayor of Lawrence, not only encouraged the credit union to move its corporate headquarters, but made his office available at every turn.

“Mayor Sullivan invited me down to City Hall and provided me with an entire presentation on why we should move to Lawrence , but more importantly why he felt Lawrence needed us,” said Matthews.

Lawrence has had its challenges over the years, from being the capital in auto theft fraud to fighting gang violence—but positive things are now happening. Mayor Sullivan and his administration are responsible for finishing a new water treatment plant, building a new high school, refurbishing the cities sport stadium, and much more.

“The last large financial institution headquartered in Lawrence left over five years ago, but now we have Merrimack Valley Federal Credit Union, which sends a message that Lawrence is open again for business,” said Sullivan.

After a serious discussion with board of directors, Merrimack Valley Federal Credit Union made the decision to combine three operation centers and move to Lawrence . Following several other meetings, planning sessions, and an encouraging call from former Governor Mitt Romney, the credit union management and the board of directors decided to move forward with plans to refurbish the old mill into 42,000 square feet of Class-A office space.

The build-out required the help of numerous construction and engineering companies, as well as the engineering department of local Merrimack College . Merrimack College was challenged with designing the infrastructure and framing for a concrete second floor that didn't yet exist. In addition to offering good suggestions about best way to remove several old, three-ton, coal-fired boilers, Merrimack students also designed a structure that would not only support the new second floor of the credit union, but also support the wall structure of the current building.

“The enlistment of Merrimack College faculty and students really made this a true community project,” commented Matt hews.

“I don't think we could have completed this project as quickly as we did without the help from Richard Santagati, the president of Merrimack College, and his engineering professors,” said Lupoli.

Matthews also enlisted Bill Betton, vice president of operations, and John MacDonald , vice president of communications, to serve as project managers overseeing the construction phase.

“From the negotiations, to the 24/7 phone calls, to the endless on-site decisions that needed to be made over the past two years, no one was more instrumental in getting this job done than Bill and John,” commented Lupoli.

“We endured design changes, construction challenges, and two major floods over those two years,” said Betton. “I can honestly say that this is the project of a career.”

Rising Waters

The floods of May 2006 were a challenge for the whole Merrimack Valley , and in particular the Merrimack Valley Federal Credit Union project. The rise of the Merrimack River caused widespread damage and devastation throughout Lawrence and surrounding cities. It cost the surrounding mill buildings over six million dollars in damage.

In some ways this was a blessing in disguise—the flood helped Merrimack Valley Federal Credit Union recognize some deficiencies in the project design and incorporate significant design element changes, especially to the boiler rooms and electrical systems.

The City of Lawrence was a disaster site. Neighborhoods were flooded and people lost their homes. Businesses were devastated and owners were in trouble. In particular the basement of the surrounding mill buildings was flooded with unhealthy Merrimack River water. Without the complete cooperation of the city residents, along with the efficient manner in which the city exercised its emergency management plan, all would have been lost.

“The leadership of Mayor Sullivan was proven through this crisis,” said MacDonald.

After the waters subsided, the federal government assisted in the flood recovery. Lupoli hosted a Flood Assistance Conference in conjunction with Merrimack Valley Chamber of Commerce president Joe Bevilacqua , FEMA, and the Massachusetts SBA, which helped Lawrence residents and businesses recover and obtain assistance. In addition Senator John Kerry's staff met with the Lupoli and Matthews to ensure everything possible was being done.

Senator Kerry himself hosted an economic forum at Lupoli's Conference Center and toured the Merrimack Valley Federal Credit Union project.

“The involvement from the federal government has been incredible,” said Matthews. “Knowing Senator Kerry was behind us and our project made us feel like we'd made the right decision.” In addition to economic forums, Kerry asked Lupoli to testify in Washington , D.C. before the Committee on Small Business and Entrepreneurship, on the effects of rising fuel costs on small business and the credit union. MacDonald attended in a supporting role.

“Sending a representative from the credit union with me to Washington, D.C. is a testament to the commitment the credit union has to my organization, this project, and community,” said Lupoli.

“It was a pleasure to join Sal and help Senator Kerry with testimony, which will hopefully make a positive impact in the lives of all Americans,” MacDonald added.

Opening Its Doors

Other local, state, and federal leaders have been supportive of the credit union's decision to move to Lawrence . For years former Congressman Marty Meehan encouraged the private sector to invest in Lawrence , meeting with Lupoli several times and attending the credit union's groundbreaking ceremony. Over 300 people from throughout the Merrimack Valley attended, including former Lt. Governor Healy and State Representative Barry Finegold.

“Representative Finegold was one of the first legislators to encourage us to make an investment in Lawrence ,” said Matthews. Recently Massachusetts ' new governor, Deval Patrick, also toured project.

The new corporate headquarters of the Merrimack Valley Federal Credit Union will open its doors on Saturday, September 29. The project has already had a significant impact on Lawrence and the Merrimack Valley . The Merrimack Valley Federal Credit Union has demonstrated the true credit union philosophy of “people helping people.”

“The senior management team and the board of directors chose to look forward into the future,” said Mike Sayler, chairman for the credit union. “We chose to make a long-term investment to preserve the credit union's future by making this move and demonstrating to the community that credit unions make a difference every day in the lives of their members.”

John MacDonald is vice president of communications for the Merrimack Valley Federal Credit Union in Lawrence, Massachusetts, and a member of the CUNA Marketing and Business Development Council's Executive Committee.