BOSTON – Mass Bay CU, which serves the state’s transit employees, has agreed to acquire ailing Turnpike CU, a credit union for employees of the Massachusetts Turnpike Authority based in suburban Weston.
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Turnpike CU has seen its assets decline to $4 million from almost $5 million. It reported losses of $11,307 for 2008 and of $120,564 for 2009, even while maintaining almost 19% net worth.
Mass Bay CU was chartered in 1933 as Boston Elevated Employees CU and now holds $175 million in assets. It had a net of $808,000 in 2009, even with a $1.3 million charge for the corporate credit union bailout.
