BRIDGEWATER, Mass.–Two Massachusetts credit unions are taking another stab at merging.
Earlier this year a federal court rejected an attempt by Bridgewater Credit Union and Merrimack Valley Credit Union in Lawrence, Mass., to combine their operations.
The judge in the case rejected portions of an NCUA rule that would have given the CUs the ability to merge.
Now, according to the Boston Business Journal, the former Merrimack Valley FCU has converted to a state charter, which it expects will mean the court’s objection to the federal provisions will no longer be applicable.
The Massachusetts Division of Banks has already approved the charter conversion. A vote by members of the two credit unions is now set for Oct. 29. If members give the OK the merger is scheduled to be completed in early 2019, the Business Journal reported.
Merrimack Valley CU has approximately $617 million in assets; Bridgewater CU has approximately $383 million in assets.