Two Massachusetts credit unions announce merger approval from members. (Source: Shutterstock)
Nearly four months after announcing the proposed merger, members of RTN Federal Credit Union and Merrimack Valley Credit Union (MVCU) voted in favor of the merger of the two Massachusetts-based credit unions. Pending state regulatory approval, the merger would create one of the five largest credit unions in the state.
Officials with RTN, based in Waltham, Mass., and MVCU, based in Lawrence, said members voted on the merger during a special meeting Wednesday and Thursday, with 96% and 92% of the votes in favor, respectfully.
According to details of the merger, RTN ($1 billion in assets, 40,140 members) and MVCU ($1.3 billion in assets, 75,795 members) will initially continue under the Merrimack Valley name. It's expected the merger will be finalized by June 2023.
MVCU President/CEO John Howard said, "We have developed a strong and mutually respectful relationship with our new partners at RTN, and we are fortunate to share very similar cultures and values. We are grateful for the support of our members, which made it possible for us to combine our organizations, enabling us to increase financial strength, and to provide greater resources and opportunities for our members, our team and the communities we serve."
Once approved by the Massachusetts Division of Banks, the combined credit union will have a total of 29 branches with nearly 300 employees and Howard will remain as president/CEO. Officials have noted there will be no layoffs.
According to a statement, the RTN management team will be integrated with MVCU's team and RTN Treasurer/CEO Richard Wright will serve as a special advisor to Howard and MVCU.
RTN Chairman of the Board Arthur Osborn said, "The merger of our two credit unions creates a financially strong institution that will bring greater value to members and affiliates. We are excited to expand our products and services to meet the evolving needs of our members, as well as a wider branch network, all with the high-level service our members have come to expect."
A new brand name for the combined credit union is expected to be rolled out sometime in 2024.
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Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
