CHELSEA, Mass.— Metro Credit Union and Members Plus Credit Union said they plan to merge in a deal that would create a $3.5-billion institution serving about 214,000 members through 25 branches, with Metro Credit Union as the continuing CU if approved by members and regulators.
The credit unions said the transaction is expected to take effect by the end of 2026.
Metro, has $3.2 billion in assets and more than 200,000 members, would expand its branch footprint into Norfolk County through the combination while maintaining Members Plus’ local presence. Members Plus had approximately $344.6 million in assets and 13,782 members as of Sept. 30, according to the latest available NCUA Call Report data.
“This is a partnership grounded in shared purpose and a belief that credit unions exist to help people and communities thrive,” Metro President/CEO Robert Cashman said in a statement, adding that the combination would strengthen the organization’s ability to “deliver value, expand access, and meet our members’ evolving financial needs.” '
Members Plus President and CEO/CFO Michael Wilberton said the merger would benefit members, employees and the community and noted all Members Plus employees will be offered positions with Metro.