BOSTON—State regulators announced approval this morning of Metro CU’s application to acquire troubled Fenwal CU, the Chelsea-based $1.1 billion credit union’s fifth merger in the last three years.
Processing Content
After completion of the deal, Fenwal, a troubled $2 million credit union, will close its only branch.
The merger follows Metro’s recent deals for Massachusetts state Employees CU, Secure CU, University CU and Boston Globe Employees CU.
The Division of Banks also approved the merger of $40 million Premier Source CU in East Longmeadow, with Wemelco CU, a $30 million Springfield-based credit union.
