LAWRENCE, Mass.–After one of the CUs changed its charter in order to proceed, the members of Merrimack Valley Credit Union and Bridgewater Credit Union have
voted in favor of a merger that would create a nearly $1-billion CU.
As CUToday.info reported here, earlier this year a federal court rejected an attempt by the two CUs to merge, as Merrimack Valley CU was a federal charter at the time and the judge ruled NCUA’s rules would not permit the combination. In response, Merrimack Valley converted to a state charter.
Now, Merrimack Valley Credit Union members have voted 230 to 43 in favor of the merger, while Bridgewater Credit Union members have voted 162 to 21 in favor of the merger, according to a released statement.
“As with the state charter conversion, our members have voted to support the future growth of Merrimack Valley Credit Union, this time by approving the merger with Bridgewater Credit Union,” said Peter Matthews, president and CEO of Merrimack Valley Credit Union in the statement. “Combining the two organizations will create additional resources, allowing us to better serve our current and future members with expanded service offerings, improved pricing, extending low-cost financial services to more members in a wider community and larger community support programs.”
‘Thrilled With Value’
Added John J. Howard, president and CEO of Bridgewater Credit Union in the same statement, “We’re thrilled that our members recognize the value of the merger with Merrimack Valley Credit Union. We both strive to provide the best experience to our members and employees, serving working families with diverse backgrounds and even multiple generations from the same family. We put our staff and members first and will continue to do so throughout the merger process and beyond.”
The two CUs expect the merger to be completed by early 2019. While the merged institution will officially be called Merrimack Valley Credit Union, Bridgewater Credit Union will operate as “Bridgewater Credit Union, a division of Merrimack Valley Credit Union.” Howard will lead the combined credit union, while Matthews plans to retire.
Merrimack Valley CU has approximately $617 million in assets; Bridgewater CU has approximately $383 million in assets.