LAWRENCE, Mass.–Two credit unions in the Commonwealth have announced plans to merge and create a near $1-billion institution.
The $356-million Bridgewater Credit Union said it plans to merge into the $596-million Merrimack Valley CU pending member and regulatory approval.
The combined institution would service nearly 80,000 members.
Plans call for completing the merger by the summer of 2018.
“The credit union and financial industry is becoming increasingly competitive and consolidated,” Merrimack Valley CU said in a released statement. “The merger with Bridgewater Credit Union is a proactive step by two financially sound institutions to capitalize on their strengths and position the credit unions to meet the current and future needs of all members. The merger will also provide synergy and cost-savings in many areas.”
Plans call for Bridgewater President and CEO John Howard to lead the merged institution while current MVCU President and CEO Peter Matthews, Jr. will act as an advisor and then retire with the completion of the merger.