LEOMINSTER, Mass. -- With $11.7 million in assets, Peoples Community Credit Union decided that a merger was necessary to keep its members satisfied for years to come. Thus, the board of directors and the membership of both Peoples Community and Fitchburg-based Workers' Credit Union approved the merger and anticipate the deal will become official by mid-November following a final regulatory review.
The merger will result in additional products and services for Peoples Community's 2,600 members, including online banking, an expanded ATM network, insurance and investment services, and a wide array of business products and services.
By joining forces, Peoples Community will retain its current location on North Main Street, explained James DiConza, CEO and treasurer of Peoples Community. The credit union plans on retaining all nine of its current employees after the merger, DiConza added.
"This is a perfect partnership since both organizations have the same core mission--to enhance the value of membership--which is about people helping people," said Frederick Healey, president/CEO of Workers' Credit Union. "Our primary focus is to make sure that all our members enjoy a high level of service, which is first and foremost for our credit union."
The addition of Peoples Community, which was founded 1937, would add a second location in Leominster for Workers' Credit Union, which has a branch at the Twin City Mall, making it the 12th office. Workers' Credit Union was founded in 1914 and has grown to total over $535 million in assets and 62,000 members.