Members of Merrimack Valley Credit Union vote in December to approve or reject a merger of the local institution with Ocean Spray Employees Federal Credit Union.
According to a letter to members, the about 1,000 members and $11 million in assets of Ocean Spray will be added to Merrimack Valley Credit Union if approved at a special meeting, Monday, Dec. 9, taking place from 5-7 p.m., at Merrimack Valley’s headquarters in Lawrence.
The merger is similar to one that took place earlier this year with Bridgewater Credit Union. In fact, according to board Chairman Dom Mazzocco and President and CEO John J. Howard, Ocean Spray has shared an office location at the Bridgewater location for the past two years.
The credit union, once associated with the former Merrimack Valley Works of Western Electric, was created in 1955 as the Communications Workers Employee Credit Union. It was founded by local 1365 of the Communication Workers of America.
Merrimack Valley Credit Union has more than 82,000 members in its northern and southern regions through 10 branches. With the Bridgewater merger, Howard succeeded CEO Peter Matthews, who retired after 16 years at the helm.