The $5 million, 1,049-member North Shore Manufacturers Federal Credit Union in Beverly, Mass., has merged with the $1 billion, 48,671-member Hanscom Federal Credit Union in Hanscom Air Force Base, Mass. as of April 1.
Wall Street generally applauds the idea of shedding employees, and credit unions often worry when their employee-to-member ratio climbs.
The $5 million NSMFCU had lost money three of the past four years.
As the sequestration budget cuts enter their third week, it still remains to be seen how wide of an impact they will have on federal employees, their spending habits and whether they’ll put off taking on any new debt.
Massachusetts Air Force base credit union jumps in to help as federal budget cuts take effect.
Three defense credit unions were recognized with distinguished service awards by their respective branches of the armed services during the recent defense credit union’s annual conference.
The $983 million Hanscom Federal Credit Union is an ongoing co-sponsor of the Hanscom Air Force Base Airman Leadership School.
Scholarships from credit unions.
To meet the insurance needs of its members, Hanscom Federal Credit Union has opened its own insurance agency.