FAIRHAVEN, Mass. - SJB Federal Credit Union has merged into Southern Mass Credit Union here creating an institution with approximately $207 million in assets and serving 13,500 members.
The combination was approved by NCUA, the Massachusetts Division of Banks, the Massachusetts Credit Union Share Insurance Corporation (MSIC) and members of SJB FCU at special membership meetings.
Following completion of the merger, Southern Mass CU also received regulatory approval for the expansion of its field of membership.
Daniel Waltz, president and CEO of Southern Mass CU, told Credit Union Journal Southern Mass CU had been looking for a location in the Fall River area for several years.
He described SJB FCU -- which is based in Fall River, Mass. -- as a "natural fit" for a merger.
"This was our first merger in our 92-year history," said Waltz. "We are extremely honored and pleased that the members and board of SJB Federal Credit Union have decided to partner with us. We are looking forward to continuing the SJB tradition of providing superior member service while at the same time providing members with expanded consumer loan, mortgage and share deposit products, as well as, new online, mobile and telephone banking services.''
In addition to its current service area comprising the Massachusetts counties of Bristol, Barnstable and Plymouth, SMCU has added the counties of Dukes and Nantucket. The Cu also added the Rhode Island counties of Bristol, Newport and areas of Providence.
All employees of SJB FCU have become employees of Southern Mass. The former chairman of the board for SJB FCU, Ronald Correia, is now a board member of Southern Mass CU.
SJB FCU was founded in Fall River in 1940 as Saint Jean Baptiste Federal Credit Union. Over the years it expanded its field of membership from a parish to a community CU serving several cities and towns in southern Bristol County, along with the Rhode Island towns of Tiverton and Little Compton.
SJB FCU had $23 million in assets at the time of the merger, according to Waltz.
Southern Mass CU was chartered in 1922 as Southern Massachusetts Telephone Workers' Credit Union. In 2002 it became a community credit union serving Bristol, Barnstable and Plymouth counties. It changed its name to Southern Mass Credit Union in 2003.
In its most recent call report, which does not include the merger, Southern Mass CU listed $180,995 in net income and $185 million in assets. Its net worth ratio as of June 30 was 10.75%, making it well capitalized.
In 2013, Southern Mass CU reported $346,694 in net income, after paying $126,265 to the Temporary Corporate CU Stabilization Fund. Its net worth ratio was 10.67%, making it well capitalized.
