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Members of Merrimack Valley Credit Union and RTN Federal Credit Union recently approved a merger that will, upon regulatory approval, make the combined institution one of the five largest credit unions in Massachusetts with more than $2.4 billion in assets.
As WHAV previously reported, members were asked to cast votes at a special meeting to approve the merger and update the bylaws to reflect RTN’s field of membership, which covers those who “reside, work or attend school in Worcester County…and immediate family members.” During a recent WHAV interview, Merrimack Valley Credit Union President and CEO John J. Howard explained how credit unions are organized.
“There’s a geographic charter which is what Merrimack Valley’s charter is. There is a SEG which is a specific employer group. For example, RTN started out with Raytheon and that’s how they began their process,” he said.
Following regulatory approval, RTN Treasurer and CEO Richard E. Wright will serve as a special advisor to Howard.
Merrimack Valley Credit Union, founded in 1955 to serve employees of the former Merrimack Valley Works of Western Electric, has more than $1.3 billion in assets. There are more than 75,000 members in Massachusetts, New Hampshire and Rhode Island served by 11 branches located in Bridgewater, Fairhaven, Haverhill, Lawrence, Methuen, North Andover, Plymouth and Quincy in Massachusetts and Plaistow and Seabrook in New Hampshire.
Founded in 1945, RTN has more than $1 billion in assets, more than 40,000 members and 18 branches. RTN also serves more than 1,100 employer groups, including two major Massachusetts employers, Raytheon Technologies and Brigham and Women’s Hospital.
“We have developed a strong and mutually respectful relationship with our new partners at RTN, and we are fortunate to share very similar cultures and values,” said Howard in a statement following the vote.
The two institutions expect to officially become one credit union in early June 2023, pending approval from the Massachusetts Division of Banks. The combined organization will initially continue under the Merrimack Valley Credit Union name and will have a total of 29 branches.
The merged credit union will also result in the expansion of community support programs, the introduction of new products and services and a call center that is available 24 hours per day, 365 days per year.
“The merger of our two credit unions creates a financially strong institution that will bring greater value to members and affiliates,” says Arthur Osborn, RTN’s chairman of the board of directors. “We are excited to expand our products and services to meet the evolving needs of our members, as well as a wider branch network, all with the high-level service our members have come to expect.”