Vermont CUs to Merge

The $43 million Members Advantage Community CU of Barre, Vt., and the $11 million Caswell CU, Burlington, Vt., are merging to form the sixth largest credit union in the state.Members of both CUs approved the merger at meetings early last month; the transaction already received clearance of regulators.MACCU with 8,200 members has two branches in White River Junction and Barre, while Caswell with 2,700 members has one office.“Because both credit unions share fields of membership based in the education industry and operate on the same core data processing system, the transition period is expected to be relatively seamless,” according to a MACCU statement.Caswell Manager Kathleen Cote said the merger would permit the CU to offer a broader range of products. “Because of our small size, we’ve been unable to offer home equity, money market accounts, and longer term share certificates,” she said.

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