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Credit union consolidation in Massachusetts continues with several mergers completed over the past month and another deal in the works.
Medford-based Members Plus Credit Union plans to acquire Winchester Federal Credit Union, according to the Massachusetts Division of Banks monthly report. Members Plus has a field of membership that includes anyone who lives or works in Essex, Middlesex, Norfolk, Plymouth, and Suffolk counties.
Members Plus has about $332.9 million in assets and 13,000 members, according to National Credit Union Administration data. Winchester Federal Credit Union has about $3.2 million in assets and 400 members. Members Plus, which has six branches in Medford, Dorchester, Everett, Norwood and Plymouth, plans to keep Winchester Federal’s one branch office.
West Roxbury-based Energy Credit Union completed its acquisition of Peabody Municipal Credit Union on Oct. 1. Peabody Municipal had $30.8 million in assets and nearly 1,800 members right before the merger on Sept. 30. Energy Credit Union had $107.5 million in assets and about 4,100 members before the deal.
Energy Credit Union’s field of membership now includes Suffolk, Norfolk, Middlesex and Essex counties, as well as employees and retirees of National Grid. Energy Credit Union is keeping Peabody Municipal’s office, giving the credit union two branches. The credit union has planned the system conversion for late April, according to Peabody Municipal’s website.
Woburn-based Common Trust Federal Credit Union announced last week that it had merged with Bedford VA Federal Credit Union. Bedford VA FCU had about $3 million in assets as of Sept. 30 and 650 members. Common Trust had about $54.9 million in assets and about 2,900 members before the merger. Common Trust, which has one branch, is keeping Bedford VA FCU’s branch at the veteran’s hospital. Common Trust’s field of membership includes several towns in Middlesex County.
Members of Swansea-based St. Dominic’s Federal Credit Union voted on Nov. 1 to merge with Somerset Federal Credit Union, and that merger has been completed, according to St. Dominic’s FCU’s website. Both credit unions have one branch that will remain open. The website did not provide a timeline for the conversion.
St. Dominic’s had $30.7 million in assets and about 2,200 members on Sept. 30. Somerset Federal Credit Union had about 11,000 members and $197.9 million in assets before the merger.
