Massachusetts CU Merger Expected to Finalize in 2019

Two Massachusetts credit unions said Tuesday their members approved a proposed merger that when finalized next year will create the eighth largest cooperative by assets and members in the Bay State.

Members of the $616 million Merrimack Valley Credit Union in Lawrence voted 230 to 43 in favor of the consolidation, while members of the $382 million Bridgewater Credit Union in Bridgewater voted 162 to 21 in favor of the merger.

Pending regulatory approvals, Merrimack Valley CU and Bridgewater CU expect to officially finalize the consolidation by early 2019. While the new organization will retain the Merrimack Valley CU brand name, Bridgewater CU will continue to operate under its brand name as division of Merrimack Valley Credit Union, the credit unions said in a joint statement.

John J. Howard, president/CEO of Bridgewater CU, will lead the combined credit union. Peter Matthews, president/CEO of Merrimack Valley CU, plans to retire.

“Combining the two organizations will create additional resources, allowing us to better serve our current and future members with expanded service offerings, improved pricing, extending low-cost financial services to more members in a wider community and larger community support programs.” Matthews said.

Based on current financial and operational information, the combined credit union will manage $998,823,619 in assets, serve 80,803 members, operate 11 branches and employ 167 full-time staff members.

“We’re thrilled that our members recognize the value of the merger with Merrimack Valley Credit Union,” Howard said. “We both strive to provide the best experience to our members and employees, serving working families with diverse backgrounds and even multiple generations from the same family. We put our staff and members first and will continue to do so throughout the merger process and beyond.”