The City of Boston Credit Union is about to get bigger.
Members of the $395 million-asset City of Boston Credit Union approved proposals to merge with both Chadwick Federal Credit Union and Northeastern University Federal Credit Union.
The $22.9 million-asset Chadwick is based in Norwood, Mass., and has about 2,000 members. Northeastern University FCU in Boston has $22.7 million in assets and about 2,200 members.
The mergers are expected to be completed on Jan. 1. and will result in City of Boston CU having eight branches, 90 employees and more than 30,000 members.
Both mergers remain subject to regulatory approval. Members of Chadwick FCU and Northeastern University FCU also have to approve the mergers.
Additionally, City of Boston Credit Union received approval earlier this year to serve those who live or work in Middlesex County, and students in Suffolk, Norfolk and Middlesex counties in Massachusetts.
The expansion to Middlesex County will double the credit union’s “potential membership base and positions it for significant growth in 2019,” the credit union said Tuesday.
The credit union said that the mergers and the expansion support its “long-term growth strategy as it continues to build a competitive advantage in keeping up with emerging technologies and offering attractive rates and lower fees” to its members.
“We’re thrilled to welcome new members from Chadwick and Northeastern and look forward to building their trust through our relationship-driven approach to member service,” Daniel Waltz, president and CEO, City of Boston CU, said in a statement.
Northeastern University FCU posted net income of about $154,000 through the first nine months of 2018, an 87 percent increase from the same period last year.
Chadwick earned about $36,000 through the first nine months of this year, up about 150 percent from the same period in 2017.
Meanwhile, City of Boston CU posted net income of about $1 million through the first nine months of 2018, up 72 percent from the same period in 2017.
