Cheshire Health Federal Credit Union has merged into $2.9 billion Service Credit Union, Portsmouth, N.H., effective Oct. 1, the two CUs announced Friday.
Earlier this year, the board of directors of $4.5 million Cheshire Health FCU said the board "fully supported" the merger because it was "increasingly difficult" to continue growing and provide all the products its members need. The CU, which is based in Keene, N.H., has 1,135 members, according to its most recent Call Report.
Cheshire Health FCU's members "overwhelmingly" approved the merger into Service Credit Union during a special meeting in September, officials reported.
Following the merger, the Cheshire Health Medical Center office will remain open and its employees will continue to serve the CU's membership.
Service CU said it is planning to transfer Cheshire Health members' accounts in April, so CHFCU members can conduct their business at any Service Credit Union branch, online or by phone, after the account transfer. A dedicated Service Credit Union teller line is scheduled for later this year, which will allow the Cheshire Health branch to serve the Service CU membership in that area.
"We are extremely pleased that the Cheshire Health Federal Credit Union membership voted to merge into Service Credit Union" David Van Rossum, president and CEO of Service Credit Union, said in a statement. "We look forward to providing its members with the exceptional member service and community support that they experienced with CHMC."
Service CU has more than 230,000 members worldwide, and more than 50 branches including two 24/7 staffed contact centers. Service CU serves anyone who lives or works in New Hampshire, four towns in Cape Cod, Mass., all branches of the U.S. military, and Department of Defense employees and their families. It has more than 35 branches in New Hampshire, one in Massachusetts, one in North Dakota, 14 branches on U.S. military bases in Germany and online and mobile banking services.
