BOSTON – State regulators reported yesterday they have approved the combination of troubled Boston Globe Employees CU into Metro CU, the Bay State’s fifth largest credit union.
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Under the merger agreement, Metro will retain the sold office of the $21 million credit union as a branch.
Boston Globe Employees reported a loss of $316,438 for 2008, following a loss of $34,592 for 2007.
Metro CU, based in the nearby Boston neighborhood of Chelsea, has $735 million in assets and reported net income of $2.3 million for 2008, down slightly from a net of $2.5 million in 2007.
