Two Massachusetts credit unions planning to merge by year's end would manage combined assets of $3.6 billion with 376 employees and 25 branches, serving more than 226,000 members across the Bay State and New Hampshire.
The $3.2 billion Metro Credit Union in Chelsea and the $341 million Members Plus Credit Union in Medford announced their intent to consolidate last week.
"This is a partnership grounded in shared purpose and a belief that credit unions exist to help people and communities thrive," Metro President/CEO Robert Cashman said. "Members Plus Credit Union has built a strong legacy of trust and service. By coming together, we are strengthening our collective ability to deliver value, expand access and meet our members' evolving financial needs."
Metro is celebrating its 100th anniversary, marking a century of service and commitment to the communities it serves.
Well-capitalized at 9.02%, Metro ended last year with an income gain of $11.8 million compared to a net worth of 8.31% and an income gain of more than $8 million in 2024, according to NCUA financial performance reports.
Members Plus, founded in 1940 as the Boston Edison Employees Credit Union to serve the financial needs of utility workers and their families, has continued its commitment to community involvement through volunteerism, sponsorships and community outreach.
Although Members Plus is well-capitalized at 11.54%, it posted a bottom line loss of $209,800 at the end of 2025, compared to $6.1 million loss and net worth of 12.30% in 2024, according to NCUA financial performance reports.
"We believe this partnership will be beneficial to our members, our employees and our community," Members Plus President/CEO Michael Wilberton said. "Metro Credit Union shares our values and commitment to member and community service. Together, we will be stronger and better positioned to support our members today and into the future."
The proposed consolidation, if approved by regulators and members of both credit unions, is expected to close at the end of this year.
Peter Strozniak can be reached peter.strozniak@arc-network.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.