CHELSEA, Mass. –Metro CU, which has expanded its Boston-area footprint the past two years through several mergers, will gain another branch in downtown Boston with a merger of Massachusetts State Employees CU, a troubled one-time $76 million credit union.
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Massachusetts SECU has reported losses for three straight years and its assets have declined to just less than $72 million, even while maintaining a net worth ratio of 7.4% at March 31.
Metro, based in the Boston neighborhood of Chelsea, has pushed its assets to more than $1 billion with mergers over the past two years of Secure CU in suburban Melrose and Boston’s University CU, which gave it access to 14 area colleges. Metro has recorded 25% assets growth over the past 12 months.
