Marking its first proposed merger in six years, the $720 millionRTN Federal Credit Union of Waltham, Mass., said Friday it hopes tocomplete consolidation of the struggling $74 million Medical AreaFederal Credit Union of Brookline, Mass., by Aug. 1.

RTN said it was one of four or five Massachusetts credit unionsthat had been considered as a merger partner by the MAFCU boardstarting about three months ago as that credit union saw itscapital ratios drop sharply to 4% and it posted a $1.2 million losslast year.

“The credit union had expanded significantly with new productsand processes but its income did not keep pace, though recently ithas shown a profit,” said Thomas Weikle, director of communicationsat 38,000-member RTN FCU. “We are delighted to have been chosen since wewill be adding two new branches and 11,000 members.”

MAFCU's younger member base should also benefit RTN, Weiklesaid. Its members will vote on the RTN takeover next Wednesday, RTNsaid.

The RTN deal with MAFCU marks the latest in a series of Boston-area mergers.

“Yes, we've had a lot of mergers here but you have to remember we have aconcentration of smaller, municipal credit unions that started herein the beginning of the credit union movement,” said Roland DraperIII, CEO of the $37 million Somerville Municipal FCU.

Draper, who said his credit union is performing well with no interest in pursuing any form of a merger, was elected tothe league board replacing James Blake, president/CEO of the $1.9billion HarborOne CU which resigned CUNA months ago while hiscredit union pursues a conversion to a mutual co-op bank.

Draper said he will be filling out two years of Blake's three-year term on the league board.

And as for the conversion move, Draper said it is a development“that has stirred the industry” but like others is not somethingthat his Somerville intends to pursue.

Weikle said RTN, too, has no interest in a bank conversion. “Wedefinitely support the credit union model,” he said.