SHARON, Mass.–Two Massachusetts credit unions are looking to mass together in a merger that would create a $1-billion plus CU. The $584-million Sharon Credit Union and the $438-million Crescent Credit Union in Brockton, Mass., are proposing to merge pending regulatory approval and a vote by members of each organization.
In a statement, the two credit unions said the “proposed merger represents the unification of two financially strong credit unions that have shared values and a long history of collaboration in the communities they serve.” The name will be Sharon & Crescent United Credit Union, with the branding to be SCU Credit Union.
If the merger is approved, the combined CU would have 12 branches and more than 81,000 members. The credit unions said there will be no layoffs as a result.
“We are very excited about this proposed merger with Crescent Credit Union,” said James L. Carlson, president of Sharon Credit Union in a statement. “With our mission and values aligned, we’ll continue to help members and provide enhanced capabilities while maintaining the history and heritage of both organizations.”
Added Robert W. Gustafson, president of Crescent CU, “Merging our two credit unions would allow us to enhance our product and service offerings and leverage our combined resources and expanded footprint to provide more convenience and greater support to our membership.”