MARLBOROUGH, Mass.–Two Massachusetts credit unions said they are seeking to merge.
St. Mary’s Credit Union in Marlborough and MetroWest Community FCU in Framingham are looking to combine.
The $1.009-billion St. Mary’s CU, which was founded in 1913, had $1.53 million in net income at mid-year to go with net worth of 11.54%. The CU is not the same as the nation’s first credit union, St. Mary’s Bank, in neighboring New Hampshire.
The Framingham, Mass.-based MetroWest Community Credit Union has $140-million in assets and reported $191,510 in net income and had net worth of 8.76% as of the same date.
Located Close to Each Other
The two credit unions are approximately 10 miles apart. If members vote in favor, the credit union would serve nearly 63,000 members and have eight branches.
“We are excited to welcome members of MetroWest Community Federal Credit Union and expand our presence in Framingham,” Jim Petkewich, interim president of St. Mary’s Credit Union, said in a statement. “This year, St. Mary’s Credit Union and MetroWest Community Federal Credit Union were named the number one and two credit unions in MetroWest. Together we will be able to serve our members even better, with more robust products, expanded access, and continued personalized service.”
The two CUs cited improved digital offerings as among the benefits of a combination.
