Massachusetts Credit Unions Complete Consolidation
The merger creates the eighth largest credit union by assets in the Bay State.
Merrimack Valley Credit Union and Bridgewater Credit Union said last week they officially finalized its merger Feb. 1, creating the eighth largest credit union in Massachusetts with $1 billion in assets.
While the combined organization will be called Merrimack Valley Credit Union based in Lawrence, Mass., Bridgewater Credit Union of Bridgewater will continue to operate under its brand name as a division of MVCU.
The merged credit unions will operate 11 branches with 173 employees who will serve nearly 82,000 members.
One of the benefits of the consolidation has allowed BCU to align its rates and fees to match MVCU’s rates and fees, enabling BCU to eliminate or reduce more than half of its fees for members, according to a MVCU-BCU joint statement.
“By supporting the merger of two financially sound organizations, our leadership and members are looking to the future,” John J. Howard, incoming president/CEO of Merrimack Valley Credit Union, said. “The new, combined organization is better positioned to meet our members’ needs, including more convenience, more choices, better rates and lower fees. We also have more resources to make a positive impact in our communities – a top priority for our members and employees.”
After leading MVCU through the merger process, long-time President/CEO Peter Matthews will serve in an advisory role until March 31.
Local branches celebrated the consolidation over the weekend with giveaways and refreshments at each MVCU and BCU location.
Last October, MVCU and BCU members voted in favor of merging the two organizations.