The planned merger of the $356 million Bridgewater Credit Union into the $596 million Merrimack Valley Federal Credit Union would create the eighth largest credit union in Massachusetts by assets, $953 million, and by members, 79,281.
The proposed merger was approved last month by Bridgewater CU members by a vote of 169 in favor and 24 against.
In its merger documents for members, BCU stated because both credit unions operate in an extremely competitive market with many large banking institutions and credit unions, the merger will allow BCU and MVFCU to form a larger and more competitive financial institution.
There are no plans to reduce staff or close branches, according to the credit unions.
Bridgewater CU employs 65 staff members and operates five branches. Merrimack Valley FCU employs 98 staff members and operates six branches.
BCU President/CEO John J. Howard will continue as CEO of the merged credit union, while Peter J. Matthews, president/CEO of MVFCU, will retire once the consolidation is expected to be completed this summer.
Donald J. Croteau, vice president of finance and management information systems for MVFCU, will become chief financial officer following of the consolidated credit union.
Bridgewater CU will retain its trade name on its five branches, as a division of Merrimack Valley FCU, according to the merger documents.
Four to six BCU board members will become board members of the MFVCU board.
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