The $1.1 billion, 158,600-member MetroCredit Union in Chelsea, Mass., continues to grow through itsacquisitions 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 CUpresident/CEO Robert Cashman.
|“Fenwal Credit Union has been a very strong credit union,” saidCashman. “They are well capitalized, but the competiveness and someof the challenges facing small credit unions nowadays to do what isbest for its members is to partner with a (larger) creditunion.
|”The merger will close Fenwal's office. Its two employees willbecome employees of Metro CU, Metro CU said.
|Three other credit unions – Massachusetts State Employees Credit Union, Secure Credit Unionand University Credit Union – have merged into Metro CU over thepast two years.
|“We would love to make more acquisitions in 2013 if theopportunities presented themselves,” said Cashman. “We are alwayshaving conversations, but I have nothing at this time to formallyannounce that there is something definite.”
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