Everett Credit Union in Massachusetts has completed its merger into Members Plus Credit Union in Medford, Mass.
The merger was approved by memberships of both institutions over the summer, and state and federal regulators gave it the green light in September. The merger was effective on Monday, Membership Plus said on Friday.
Members Plus CU now has roughly $300 million of assets and six branches in Massachusetts. It serves roughly 13,700 members. All Everett CU employees will retain their jobs.
“We’re stronger together,” John Murphy, president and CEO of Members Plus, said in a written statement. “With combined resources, we can offer a greater selection of products and services while still providing exceptional member service that both memberships have come to rely on from people they know and trust.”
The $49 million-asset Everett CU decided to merge with another institution to gain scale to better compete in the current environment and keep up with evolving fintech.
Everett CU earned about $10,860 in the first half of the year, after recording net income of about $244,000 in 2017.
Members Plus CU earned roughly $389,000 in the first half of 2018, after recording net income of about $1.4 million last year.
