The $1 billion Metro Credit Union of Chelsea is merging anotherBoston area credit union, the struggling $71 million MassachusettsState Employees CU.
|The consolidation, approved last week by the 12,000 members ofMSECU, marks the third merger deal in two years as Metro expandsits reach into the Boston market.
|“The merger with Massachusetts State will give us our14th branch in our network, allowing us to expand ourproducts and services to an important employee group,” said RobertCashman, Metro's president/CEO.
|MSECU reported a $441,000 loss in 2011 but showed improvement inthe first quarter as it eked out a small profit.
|The decision by MSECU to seek a merger partner, said Cashman,reflects the ongoing economic and operational challenges faced by anumber of small and mid-size credit unions, he said.
|“This is another strategic partnership for us and we are open todiscussing similar merger pacts with other credit unions that findthemselves in the same position,” said Cashman.
|Last November Metro added Secure CU in suburban Melrose and earlier Boston Globe CU andUniversity CU, giving it entry to the college market serving 14area institutions.
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