BROCKTON, Mass. Crescent CU said it has absorbed the nation’s first postal credit union, Brockton Postal Employees CU, the latest postal credit union to be eliminated by merger.
Brockton Postal Employees, a one-time $13-million credit union chartered in 1923, reported losses in each of the past four fiscal years and in the first quarter of 2013, as its assets declined to $10.5 million.
Crescent CU, with $400 million in assets and 47,000 members, is even older, chartered in 1919 to serve employees of the Tarlow Brothers Leather Company in Brockton.
The combination follows recent mergers of Connecticut’s Hartford Postal Employees CU into American Eagle FCU, California’s East Bay Postal CU into Pacific Postal FCU, and United Postal Service Employees CU in Memphis into Southern Security FCU.
