iStock illustration
St. Jean’s Credit Union plans to make another acquisition, and two New Bedford-based credit unions also plan to merge.
Lynn-based St. Jean’s Credit Union plans to acquire Greater Salem Employees Federal Credit Union, according to the Massachusetts Division of Banks monthly report. St. Jean’s last year had acquired two other municipal credit unions: Revere Municipal Employees Federal Credit Union and Lynn Municipal Employee Credit Union.
Greater Salem Employees FCU has about 1,280 members and $16.88 million in assets, according to National Credit Union Administration data. St. Jean’s Credit Union has about 19,000 members and $333.58 million in assets.
St. Jean’s Credit Union does not plan to keep Greater Salem Employee’s FCU office on Colonial Road in Salem. St. Jean’s has a nearby branch on Lafayette Street and another Salem branch on Highland Avenue. St. Jean’s also has branches in Lynn, Revere and Newburyport.
Another planned deal will see St. Anthony of New Bedford Federal Credit Union merge into Southcoast Federal Credit Union, also based in New Bedford.
St. Anthony FCU, the credit union for St. Anthony of Padua Church, has about 1,160 members and $12.17 million in assets. In its letter to members, St. Anthony FCU’s board of directors said the credit union’s membership has recently increased, but its “financial position has continued to degrade.”
“Following an assessment of financial projections and loan attrition, the Board of Directors of St. Anthony FCU made the decision to merge with a partner who could provide stability for its members into the future,” the letter said.
Southcoast FCU has about 4,000 members and $58.2 million in assets. The credit union’s field of membership includes the Southcoast Health system.
Southcoast FCU plans to keep St. Anthony FCU’s branch on Acushnet Ave., according to the letter, giving the credit union three branches in New Bedford, as well as locations in Fall River, Fairhaven and Wareham.
St. Anthony’s members vote on the merger at the end of February, and the credit unions expect to complete the deal on March 1, according to Southcoast FCU’s website.
Other mergers expected in 2023 include Medford-based Members Plus Credit Union’s acquisition of Winchester Federal Credit Union, and the combination of Merrimack Valley Credit Union with RTN Federal Credit Union, both $1 billion-asset institutions.
