Waltham’s RTN Federal Credit Union and Brookline-based MAFCU Federal Credit Union will merge, effective Aug. 1.
MAFCU’s members voted to approve the merger, in which only the RTN name survives. All MAFCU employees will keep their jobs, according to a statement.
MAFCU members get "more branches, lower fees and greater convenience" in the deal. MAFCU – the MA is for "Medical Area" – has two branches in Brookline and Dorchester, and assets of about $51 million.
RTN was started just after World War II as the credit union for Raytheon employees. It has assets of $717 million and 38,000 members. It has branches at Raytheon locations, as well as in Waltham, Amesbury, Danvers, Lawrence, Marlborough and Tewksbury.
With the institutions merged, MAFCU members will get "expanded choice of mortgage loan products and a larger ATM network, all with better rates and lower fees," MAFCU said in a statement.
"This is an unparalleled opportunity for two dynamic credit unions to combine resources," RTN Treasurer and CEO Richard Wright said in a statement.
The merger is the latest in a series of credit union hook-ups in the last several months.
Most recently, Chelsea-based Metro Credit Union proposed merging with the Massachusetts State Employees Credit Union and Worcester-based Webster First Federal Credit Union announced a merger with the tiny Filene Federal Credit Union in Boston.
