Important Message from our President/CEO

To our Members-

Today, Service Credit Union took an important step in holding accountable those responsible for a serious breach of trust. We have filed a lawsuit in New Hampshire Superior Court against a former member of our team and a group of individuals and entities we allege participated in a coordinated scheme to fraudulently obtain and misuse funds from a commercial construction loan issued by this credit union to fund a senior living facility in northern New Hampshire.

What happened here was wrong, and we are pursuing every available legal remedy to make it right. The former team member violated the trust we placed in him and, in doing so, violated the trust you place in us every day. In pursuit of our mission, our goal in funding this facility was to do good for our members – specifically those retiring to northern New Hampshire.  Those members are also victims of this scheme. That is not something we take lightly, and it is not something we will let stand.

I also want to be clear about where we stand as an institution. We remain financially strong, and the lawsuit we filed today does not change that. Rather, it reflects our commitment to protecting the trust of our members and the reputation of this credit union in the communities we serve. We have more than $6 billion in assets, over 380,000 members worldwide, with a heavy concentration in New Hampshire and Massachusetts, and more than 50 branch locations. We are deeply committed to the communities we serve. While this situation is troubling, it does not affect your accounts or the services you count on. We remain as committed as ever to the mission that has guided this institution since 1957: to provide our members with a better financial future.

We will continue to keep you informed as this matter moves forward. Thank you for the trust you place in us. We do not take it for granted.

Sincerely,

David Araujo
President and CEO, Service Credit Union