Gorton’s of Gloucester Employees Federal Credit Union has requested permission from the Massachusetts Division of Banks to merge into Peabody-based Luso American Credit Union.
The main office of Luso would remain the main office of the continuing institution and the sole banking office of Gorton’s would be retained as a branch office, according to the DOB.
Luso had over $90 million in assets and over 7,500 members as of June 30, 2017. Gorton’s had just over $930,000 in assets and 272 members as of the same date.