BOSTON — Lynn Firemen’s Federal Credit Union said is plans to merge into First Responders Credit Union, creating an institution with approximately $470 million in assets and 13,500 members serving Massachusetts first responders and their families.
Founded in 1935, the $20.1-million LFFCU has approximately 1,600 members. It reported $157,799 in net income through June 30, with net worth of 19.62%. The $452.5-million First Responders CU, founded in 1947, has approximately 12,150 members and posted $1.7 million in net income and net worth of 12.93% as of the same date.
The proposal requires member and regulatory approvals, according to a statement from First Responders. Both credit unions’ existing locations in Dorchester and Lynn would remain open, and employees of both institutions would be retained, the credit unions said, adding that additional resources would support technology and service improvements.
Danielle Milner, president and CEO of First Responders, said the combination would expand support for firefighters and strengthen resources for existing members.
The statement said every Lynn Firemen’s member is already eligible to join First Responders.
