WESTBOROUGH, Mass. — Eighty-two percent of member credit unions of $270 million Central Credit Union Fund voted to approve the merger with $13.5 billion Members United Corporate Federal Credit Union, and they did it in person.
The votes were cast during an in-person meeting in Westborough, Mass. yesterday. The corporates reported that some members drove more than 100 miles to vote. Credit unions could only vote at the meeting.
The $270 million Central CU Fund will retain its office in Auburn, Mass., and most employees will remain on staff. Members United's merger approach is to ensure there is still a local presence in the state where the acquisition occurs and that member-facing employees stay in place. Members United has the most natural person credit union members of any corporate with more than 2,100.
This is one of a string of recent mergers. Mergers still in the works include Southwest/Northwest, WesCorp/VolCorp and WesCorp/SunCorp.
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