WEBSTER, Mass. – Webster First FCU, one of the biggest credit unions in western Massachusetts, said yesterday it is expanding to the eastern part of the state with a deal to acquire troubled Saugus FCU, a one-time $68 million credit union in Boston’s northern suburbs.
The merger will give Webster, which operates 10 branches in suburban Worcester, two additional branches in Saugus, a working-class community 20 miles north of Boston.
Saugus FCU reported a loss of $950,000 for 2010 and a loss of $700,000 for the first quarter of 2011, as assets declined to $60 million and net worth fell all the way to just 2.5%.
Webster First had a first quarter net of $1.5 million and net worth of 20%.
The merger was the result of a competitive bidding process among a group of credit unions that was initiated by Saugus FCU.
