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June 15, 2022

Central One Federal Credit Union buys former Bank of America location in Milford

Photo | Google Maps 82 Prospect St., Milford in 2019

Central One Federal Credit Union of Shrewsbury purchased a former Bank of America location at 82 Prospect St. in Milford for $1.3 million, in order to open a new branch at the location.

The deal closed on May 31, according to the Worcester Registry of Deeds. The sellers were Hill Lawrence J Trust and M.E.H. Realty Trust. The Town of Milford last assessed the property at $619,100. 

The credit union had been looking for a location in Milford for over a decade, said Dave Kaiser, Central One’s senior vice president of retail services, via email. He expects to begin renovating the building within a few months and plans to open the new branch in early 2023. It will offer a full-service branch, including safety-deposit boxes and a drive-up window. 

North Carolina-based Bank of America closed the location during the coronavirus pandemic. Plans for Central One Federal Credit Union to open the new location were made public to the Milford Planning Board in January. The story was first reported by 

Central One Federal Credit Union is a not-for-profit institution with branches in Auburn, Northborough, Westborough, Worcester, a main office in Shrewsbury, and non-public locations in Shrewsbury High School and Westborough High School. According to its March call report, the credit union has 37,176 members and $740 million in assets, up 15% from March 2021.

David L’Ecuyer in February announced his retirement as CEO after 32 years with the credit union. A consulting firm, D. Hilton Associates of Texas, has been hired to find a successor.

CORRECTION: An earlier version of this article incorrectly referred to the institution as Central One Credit Union, rather than the correct version of Central One Federal Credit Union.

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