Members of Hudson Municipal Employees Federal Credit Union, a $7 million institution based in Hudson, Mass., have approved a proposed merger between Hudson Municipal and RTN Federal Credit Union, an $868-million institution based in Waltham.
The merger will be effective on March 1.
“This is an exciting opportunity to expand RTN’s branch footprint, and grow our membership base,” RTN’s treasurer and CEO Richard Wright said in a statement. “Our new members in Hudson will continue to be served by familiar staff, and enjoy access to more products and services with added convenience in the coming months. We look forward to a secure and promising future for our members, employees, and affiliates.”
The parties said that new members will be able to “choose from a wider offering of financial products and services,” including an “expanded choice” of mortgage and loan products and a “larger ATM network.”
“We are excited to offer members lower fees, more branch access, and greater convenience with the same individualized attention,” said Nancy Boire, Hudson Municipal’s treasurer and CEO. “Staff and leadership are committed to a seamless transition so that members can conduct business as usual.”
Sarita Ledani, assistant vice president, business development at RTN FCU, told CU Journal that the current executives of Hudson Municipal “will continue to serve members as employees of RTN.”
With more than 46,000 members, RTN FCU posted net income of $1,144,070 in 2016, about one-half the $2,221,754 it recorded in the prior year.
With just less than 1,000 members, Hudson Municipal generated a net loss of $31,553 in 2016, after posting a similar loss of $32,599 in the prior year.
