Webster First Wins Final Approval for Winthrop Merger
Undertaking its third merger of 2011, the $581 million Webster First Federal Credit Union of Worcester, Mass., said Thursday it won member approval this week to merge the $38 million Winthrop FCU of Winthrop, Mass., effective Dec. 31.
Approval from the NCUA was received Oct. 26.
“Certainly we are seeing many more small credit unions wanting to merge and they have come to us,” said a spokeswoman for Webster First.
Just last month Webster First merged Fitchburg FCU and in May acquired Saugus FCU.
“With 46,000 members and 16 locations, Webster First is currently ranked in the top 2% of credit unions in the country in terms of strength and profitability,” said a formal press release.
The 48-year-old Winthrop FCU has 4,000 members and one branch.