ROCKLAND, Mass.—Two more Massachusetts credit unions, one of which has a struggling bottom line, have said they are seeking to merge.
The $184-million Community Credit Union in Lynn, Mass., said its members will vote on merging into the $3.4-billion Rockland FCU in Rockland, Mass. Lynn is about 35 miles north of Rockland in the Boston area.
When combined, the credit union would have approximately 200,000 members in 12 Bay State counties.
Community Credit Union posted a midyear loss of $607,358, with net worth of 7.11%. Rockland FCU posted $10.3 million in net income and had net worth of 10.76% as of June 30.
“Community CU embodies everything that is special about credit unions,” Rockland Federal CEO Kris VanBeek said in a statement. “Their caring delivery of services to their community has been a hallmark from the credit union’s very first days. We will honor and respect that record in everything that we do together.”
‘Special Combination’
Community CU CEO Nick Sarantopoulos added in a statement, “Kris and his team at Rockland FCU possess the special combination of talent and heart required to continue to deliver for our members into a more complex and demanding environment for financial services.”
If members approve, the credit unions hope to complete the merger by March 31, 2026.
