BOSTON – State regulators have approved the merger of ailing Turnpike CU, a credit union for employees of the Massachusetts Turnpike Authority, into Mass Bay CU, which serves the Mass. Bay Transit Authority, known locally as the “T.”
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Turnpike CU, based in the Boston suburb of Weston, has seen its assets decline to slightly more than $4 million from almost $5 million in recent years. It reported small losses for 2008 and 2009 and a loss of $29,312 for the first quarter, even while its net worth is more than 12%.
Mass Bay CU, chartered in 1936 as the Boston Elevated Employees CU, has almost $180 million in assets and reported a first quarter net of $297,000.
After the merger, Turnpike CU's sole office will become a Mass Bay branch office.
