FITCHBURG, Mass. - Workers' Credit Union here said it will absorb via merger two smaller credit unions prior to year end.
The mergers will add approximately $13 million to Worker CU's assets.
Merging with Workers Credit Union will be Peoples Community Credit Union of Leominster, Mass., and Crobank Credit Union of Westminster, Mass. "Being a credit union that is perhaps under $50 million in assets, it becomes very difficult to thrive," said Frederick D. Healey, CEO of the $547-million Workers Credit Union.
In the case of Crobank Credit Union, it had been organized to serve employees of the Crocker-Burbank paper mills, which have closed, and had not expanded its charter beyond those workers.
