The $500 million Webster First Federal Credit Union in Massachusetts is acquiring a toehold in metro Boston with a merger of the ailing $60 million Saugus FCU, which has 8,000 members. The transaction allows Webster First to expand into four counties: Worcester, Middlesex, Essex and Suffolk.
A joint press statement of the two CUs said Saugus had "initiated" a bidding process with NCUA, approving the merger deal May 18. It becomes formally effective May 31. Saugus, which lost $950,000 last year and $700,000 in the first quarter, had net worth of 2.5%.
The Saugus merger would give Webster a major entry into eastern Massachusetts, including its two branches plus three high school facilities.
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