The state’s first credit union merger in more than a year will take place today when Gloucester Municipal Credit Union merges into Chelsea-based Metro Credit Union.

Metro Credit Union will absorb GMCU’s nearly 500 members and $2.3 million in assets, giving members access to an expanded line of products and services as well as its 14 branch locations, Metro said in a statement earlier this month.

“I’m thrilled to welcome members of the Gloucester community to the Metro family,” Robert Cashman, Metro’s CEO and president, said in the statement. “I encourage both existing members of GMCU and others who are or were previously employed by the city of Gloucester to take advantage of the many opportunities Metro has to offer our members.”

With $2.3 billion in assets, Metro is Massachusetts largest state-chartered credit union and second largest behind Digital Federal Credit Union. GMCU, which was founded in 1941, selected Metro as a partner due to its strong reputation, digital and technological advancement, and commitment to its more than 220,000 members, the statement said.

“Metro will offer our members additional benefits and opportunities that we have not been able to provide, including digital access, mortgages, home equity loans, and more,” Lawrence Ingersoll, GMCU’s board president, said in the statement. “We are particularly grateful to partner with a credit union that we know will treat our members with compassion and care and offer them the security and trust they deserve.”

This is Massachusetts first credit union merger since the start of 2020 saw four transactions completed.