The $1.1 billion, 158,600-member Metro Credit Union in Chelsea, Mass., continues to grow through its acquisitions strategy with plans to purchase the $1.7 million, 375-member Fenwal Credit Union of Ashland, Mass.
The merger is expected to be finalized in March, said Metro CU president/CEO Robert Cashman.
“Fenwal Credit Union has been a very strong credit union,” said Cashman. “They are well capitalized, but the competiveness and some of the challenges facing small credit unions nowadays to do what is best for its members is to partner with a (larger) credit union.
”The merger will close Fenwal’s office. Its two employees will become employees of Metro CU, Metro CU said.
Three other credit unions – Massachusetts State Employees Credit Union, Secure Credit Union and University Credit Union – have merged into Metro CU over the past two years.
“We would love to make more acquisitions in 2013 if the opportunities presented themselves,” said Cashman. “We are always having conversations, but I have nothing at this time to formally announce that there is something definite.”