MARLBOROUGH, Mass. — Members of St. Mary’s Credit Union and MetroWest Community Federal Credit Union said they have received regulatory approval for a merger that is expected to create a $1.15 billion institution serving more than 60,000 members across the MetroWest region of Massachusetts,.
Members of MetroWest Community Federal Credit Union approved the proposal during a June 3 vote, while members of St. Mary’s Credit Union approved it June 15.
The merger is expected to become official July 1.
Following completion of the transaction, the combined organization will operate under the St. Mary’s Credit Union name and retain the St. Mary’s Credit Union charter, according to the credit unions.
The merged institution will operate eight branch locations in Framingham, Hudson, Marlborough, Northborough and Westborough, along with a corporate office and loan center in Marlborough.
The credit unions said members will gain access to a broader ATM network, enhanced digital banking capabilities and expanded products and services for consumers and businesses.
‘Strengthens Ability to Evolve’
“This merger allows us to continue serving people throughout MetroWest Massachusetts, strengthens our ability to evolve and helps best serve our members with a path to yes and support to achieve the American Dream,” said Jim Petkewich, president and CEO of St. Mary’s Credit Union, in a statement. “We appreciate the members voting in favor of this partnership and look forward to welcoming MetroWest members to SMCU as we step into the future together.”
Mike Forman, chairman of the board of MetroWest Community Federal Credit Union, said the merger will enable the combined organization to build on the two institutions’ shared commitment to member service and community involvement.
“While some things will grow and improve, what won’t change is our member-first pledge,” Forman said in a statement. “Both credit unions have deep roots in our communities and a long history of helping individuals, families and local businesses thrive. Together, we’ll be even stronger, building on that legacy for generations to come.”
