BRAINTREE , Mass.–Two Massachusetts credit unions have announced merger plans.
The $662-million Liberty Bay Credit Union said it will absorb via merger the $47-million Hingham Federal Credit Union, pending approval of their respective memberships and regulators.
The combined institution will have more than 14% capital and serve 27,000 members. All of Hingham Federal’s management and staff will be retained by Liberty Bay and three Hingham Federal Credit Union directors will join the Liberty Bay Credit Union board of directors.
The combined institution will serve individuals and businesses located from the north shore to as far south as Plymouth, the CUs reported.
“We are pleased to welcome Hingham Federal members to our credit union family,” said Ed Lopes, president and CEO of Liberty Bay Credit Union. “As we embark upon our 100th year, we are taking many exciting steps to grow the credit union’s community presence. Merging with Hingham Federal creates a perfect extension of our branch footprint and aligns us with an institution committed to the best in member service and deeply rooted in its communities. We will also strengthen the Liberty Bay board with the presence of three business savvy community leaders who appreciate the Hingham Federal Credit Union legacy. Simply put, together we are better.”
“The synergies between Hingham Federal Credit Union and Liberty Bay Credit Union are striking” said Hingham Federal CEO Joe Bean in a statement. “Similarities in our primary service areas, our member-first business philosophies, and our shared belief that community service is the best way to develop business will make for an easy assimilation of corporate cultures. We look forward to the beneficial impact of the transaction on our members and our staff.”