Merrimack Valley CU & Ocean Spray Employees FCU Announce Merger
Credit union members will vote on the proposed merger on Dec. 9.
Lawrence, Mass.-based Merrimack Valley Credit Union and Bridgewater, Mass.-based Ocean Spray Employees Federal Credit Union have announced plans to merge. Financial terms of the deal were not disclosed.
Merrimack Valley has $1.1 billion in assets and about 84,000 members. Ocean Spray Employees FCU has $11 million in assets and about 950 members.
“Over the last several months, our board of directors determined it was in the organization’s best interest to merge with a larger financial institution to accommodate our members’ growing banking needs,” Ocean Spray Employees Federal Credit Union CEO Annette Yee said in an announcement. “The proposed merger with Merrimack Valley Credit Union will ensure that we can continue providing our members with excellent service. Once the proposed merger is completed, our members will have access to a wider range of products, services and member benefits.”
Ocean Spray Employees Federal Credit Union has shared a Merrimack Valley Credit Union branch location for two years, according to the press release.
No employees will be laid off and no positions will be eliminated, according to the credit unions.
Members will vote on the deal on December 9.
“The combination of Merrimack Valley Credit Union and Ocean Spray Employees Federal Credit Union is a great match, as both organizations have shared values and culture,” Merrimack Valley Credit Union President and CEO John Howard said. “We are very excited to welcome Ocean Spray Employees Federal Credit Union members to our family.”
Earlier this year, Merrimack Valley Credit Union merged with Bridgewater Credit Union, creating one of Massachusetts’ largest credit unions.