Merger Finalized With Merrimack Valley & RTN FCU
The newly-merged credit union will have more than $2.3 billion in assets.
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.