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Credit union consolidation continues in Massachusetts with two South Coast credit unions planning to merge.
Members of Swansea-based St. Dominic’s Federal Credit Union will vote Nov. 1 on a proposed merger with Somerset Federal Credit Union. St. Dominic’s FCU has $31.78 million in assets and about 2,170 members, according to National Credit Union Administration data.
Somerset Federal Credit Union has 11,000 members and $203.8 million in assets. Both credit unions have one branch, and St. Dominic’s Swansea branch will continue to operate following the merger, according to a letter sent to members. All St. Dominic’s employees will be retained.
Both community credit unions have fields of membership that include Bristol County.
In the letter to members, St. Dominic’s board chair Shane Mello said the merger would provide expanded products and services to meet members’ evolving technological needs.
“The Board of Directors has concluded that the proposed merger is desirable and in the best interest of the members because this merger would allow us to better serve the financial needs of the membership and strengthen the financial position of the continuing credit union to ensure long-term sustainability, improving our ability to compete with larger financial institutions,” Mello said in the letter.
Several credit union mergers have been completed in Massachusetts this year, including Holyoke Postal Credit Union’s merger into Holyoke Credit Union, Chicopee-based Polish National Credit Union’s acquisition of East Longmeadow-based Premier Source Federal Credit Union, and New Bedford-based Coastal New England Federal Credit Union merger into Taunton Federal Credit Union. Lynn-based St. Jean’s Credit Union’s has acquired Revere Municipal Employees Federal Credit Union this year and received regulatory approval to acquire Lynn Municipal Employees Credit Union.
