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After months of regulatory and member approval processes, the Lawrence, Mass.-based Merrimack Valley Credit Union (MVCU) and the Waltham, Mass.-based RTN Federal Credit Union officially merged as of June 1 to create a $2.3 billion credit union with more than 115,000 members.
The newly-merged credit union, which is now the fifth largest credit union in Massachusetts, will operate under the Merrimack Valley name until a new name is announced sometime in late 2024, according to credit union officials.
"Over the past few months, I have watched my teammates from MVCU and the former RTN work together to make this merger as smooth of a transition as possible for both our members and team members," said John Howard, president/CEO of MVCU. "We are so fortunate to share very similar cultures and values, and working together has been such a wonderful experience. I am so excited to be a part of the team that runs this financial institution and to continue serving our members and community with the amazing service they have come to expect!"
During a vote in March, 96% of RTN members and 92% of MVCU members approved the merger.
The combined credit union will have a total of 29 branches with nearly 300 employees and Howard will remain as president/CEO. Credit union officials stated 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.
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Michael Ogden
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.
