MVCU President and CEO John J. Howard and CBCU manager Marta Carney pose for a photo at MVCU’s Lawrence corporate office. Photo courtesy of Merrimack Valley Credit Union

The Merrimack Valley Credit Union and Cabot Boston Credit Union merger has cleared another hurdle after members of both voted in favor of joining the two financial organizations in separate meetings at each organization’s headquarters.

MVCU will be the surviving credit union.

“We are thrilled that our members support and approve of our partnership with CBCU,” MVCU President and CEO John J. Howard said in a statement. “By joining forces, we’re creating a stronger, more robust organization that will provide enhanced financial services and benefits to our credit union family.”

MVCU and CBCU expect to officially become one credit union on Jan. 1 of next year, pending regulatory approval.

“Throughout the merger process, the needs of our members have remained at the forefront. MVCU shares our commitment to serving our members and supporting our communities,” CBCU manager Marta Carney said in a statement. “I am confident that together, we will continue to build on our legacy of financial empowerment while expanding opportunities for our members and staff alike.”

MVCU has been active in the merger and acquisition market. In 2019, 2020, and 2023, the Lawrence-based credit union completed successful mergers with Bridgewater Credit Union, Ocean Spray Employees Federal Credit Union and RTN Federal Credit Union. The deals brought the 69-year-old financial institution up to $2.19 billion in assets and 20 retail branches that serve more than 116,000 members, according to NCUA data, making it one of the five biggest credit unions in the state.

Cabot Boston, founded in 1941, has $5.3 million in assets and 681 members – employees of global chemicals company Cabot Corp. – served by two branches.

MVCU is rebranding to BrightBridge Credit Union in 2025.