Members of Merrimack Valley Credit Union and Ocean Spray Employees Federal Credit Union, this week voted in favor of merging the two organizations.
More than 70 percent of Merrimack Valley Credit Union, one of the 10 largest credit unions in the state, and 96 percent of Ocean Spray Employees Federal Credit Union, approved the merger.
John J. Howard, President and CEO, Merrimack Valley Credit Union. “We are very excited to welcome Ocean Spray Employees Federal Credit Union members to our family.”
For the past two years, Ocean Spray Employees Federal Credit Union has shared a location with Merrimack Valley Credit Union’s Bridgewater branch. A statement said there will be no lay-offs or elimination of any positions.
Ocean Spray Employees Federal Credit Union provides financial services to Ocean Spray Cranberries employees, contract-member growers and their families, members who participated voted in support of merging.
Merrimack Valley Credit Union members voted 43 in favor, 16 against and two in abstention of the merger, and Ocean Spray Employees Federal Credit Union members voted 161-7 in favor.
Members of both credit unions can continue to conduct business as usual without any interruption to their accounts or the branch offices they visit.
Merrimack Valley Credit Union recently completed a $382 million merger with Bridgewater Credit Union with more than $1 billion in assets and 10 branch locations. The final step in the merger was completed last month with the conversion of its members to the same back-end computer system. Merrimack Valley Credit Union and Bridgewater Credit Union began this process when their members voted in favor of merging the two organizations in October 2018.