The $88 million NationsHeritage Federal Credit Union, once known as the Texas Instrument FCU and serving the Attleboro, Mass. market, announced this week it is merging into HarborOne CU of Brockton.
The deal, on the drawing board for months, requires member approval expected at a meeting tomorrow. The merger plan also needs the okay of State Banks Commissioner Steven Antonakes.
The merger will bring together "two credit unions with contiguous branch operations" and creates an enhanced product menu for NationsHeritage, said James Rice, senior vice president of marketing at the $1.7 billion HarborOne.
Maureen Tebo, president/CEO of NationsHeritage, said the merger should produce "economies of scale" for her CU which has two offices in Attleboro and one in Mansfield.
Tebo said her CU has seen its 7,000 membership shrink in line with Texas Instrument downsizing over the last 10 years. In February, the CU sold its main office building to a real estate firm agreeing to lease back part of it.
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