Undertaking its third merger of 2011, the $581 million Webster First Federal Credit Union of Worcester, Mass., said Thursday it won member approval this week to merge the $38 million Winthrop FCU of Winthrop, Mass., effective Dec. 31.
Approval from the NCUA was received Oct. 26.
“Certainly we are seeing many more small credit unions wanting to merge and they have come to us,” said a spokeswoman for Webster First.
Just last month Webster First merged Fitchburg FCU and in May acquired Saugus FCU.
“With 46,000 members and 16 locations, Webster First is currently ranked in the top 2% of credit unions in the country in terms of strength and profitability,” said a formal press release.
The 48-year-old Winthrop FCU has 4,000 members and one branch.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.