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Massachusetts has at least six planned or recently completed credit union mergers this year, with some of the state’s smallest institutions continuing to seek out combinations.
West Roxbury-based Energy Credit Union plans to acquire Peabody Municipal Credit Union, according to the Massachusetts Division of Banks latest monthly report.
Peabody Municipal has $34.6 million in assets and nearly 2,000 members, while Energy Credit Union has $111.77 million in assets and about 4,100 members, according to National Credit Union Administration data.
Energy Credit Union’s field of membership includes Suffolk and Norfolk counties, several communities in Middlesex County, and employees and retirees of National Grid. Energy Credit Union plans to keep Peabody Municipal’s office, giving the credit union two branches.
Another small credit union, the $2.85 million-asset Holyoke Postal Credit Union, is planning a merger with Holyoke Credit Union, which has $250.2 million in assets. Holyoke Postal’s approximately 230 members will vote on the merger on June 14. Holyoke Credit Union has more than 21,000 members.
“The consolidation will ensure quality products and services will be available to Holyoke Postal Credit Union members well into the future,” David Viamari, Holyoke Postal Credit Union’s board president and chair, wrote in a notice to members. “With the increasing costs for technology, compliance and security, Holyoke Postal Credit Union has found it difficult to comply with the ever-increasing regulations required by various governmental agencies. Further, with our limited assets, we are challenged to provide additional products, services, and convenience that our members want and desire.”
The credit union’s location at the post office will close after the merger. Holyoke Credit Union has three branches in Holyoke, West Springfield and Feeding Hills.
Members of East Longmeadow-based Premier Source Federal Credit Union will vote on May 16 on a merger into Chicopee-based Polish National Credit Union. Polish National Credit Union has $720.5 million in assets and 25,000 members. Premier Source FCU has about $70 million in assets and 4,400 members.
Mergers already completed, though still going through conversion, include Lynn-based St. Jean’s Credit Union’s acquisition of Revere Municipal Employees Federal Credit Union and New Bedford-based Coastal New England Federal Credit Union’s merger into Taunton Federal Credit Union.
Two larger credit unions are also planning a merger this year in a deal that would give the state another $1 billion credit union. Fairhaven-based Alltrust Credit Union, which has about $315 million in assets, and Lowell-based Align Credit Union, a $744 million-asset institution, announced in February that they were beginning the process to apply for a merger.
