LAWRENCE, Mass.–Members of two Massachusetts credit unions have voted in favor of merging and creating a credit union that will have $2.4-billion in assets.
The $1.35-billion Merrimack Valley Credit Union and the $1.032 billion RTN FCU in Waltham said they are seeking to combine into a CU that will have more than 116,000 members, primarily across Massachusetts, New Hampshire and Rhode Island. RTN also serves more than 1,100 employer groups, including two major Massachusetts employers, Raytheon Technologies and Brigham and Women’s Hospital.
The two CUs are headquartered approximately 32 miles apart.
Respectful Relationship
“We have developed a strong and mutually respectful relationship with our new partners at RTN, and we are fortunate to share very similar cultures and values,” said John J. Howard, president and CEO of Merrimack Valley Credit Union. “We are grateful for the support of our members, which made it possible for us to combine our organizations, enabling us to increase financial strength, and to provide greater resources and opportunities for our members, our team and the communities we serve.”
June Completion Date Targeted
Plans call for the merger to be completed in early June 2023, pending approval from the Massachusetts Division of Banks. The combined organization will initially continue under the Merrimack Valley Credit Union name, and then with regulatory approval, Howard will lead the combined credit union and will integrate the management team from RTN into the existing MVCU team, the credit unions said.
RTN Treasurer and CEO Richard E. Wright will serve as a special advisor to MVCU and to Howard.
Post-merger, MVCU will have a total of 29 branches and provide its members with shared branching services.
“The merged credit union will also result in the expansion of community support programs, the introduction of new products and services, and a call center that is available 24 hours per day, 365 days per year,” the credit unions said.
Prior Mergers Completed
In 2019 and 2020, MVCU reported it completed successful mergers with Bridgewater Credit Union and Ocean Spray Employees Federal Credit Union, respectively.
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