FAIRHAVEN, Mass. SJB Federal Credit Union has merged into Southern Mass Credit Union in Fairhaven, Mass., creating an institution with approximately $207 million in assets.
Daniel Waltz, president and chief executive of Southern Mass, told Credit Union Journal that his credit union had been looking for a location in the Fall River area, where SJB was based, for several years.
"This was our first merger in our 92-year history," Walz said. "We are extremely honored and pleased that the members and board of SJB Federal Credit Union have decided to partner with us."
Southern Mass also received regulatory approval for the expansion of its field of membership, adding counties on Cape Cod and in Rhode Island.
The former chairman of the board for SJB, Ronald Correia, is now a board member of Southern Mass.
SJB 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 credit union serving several cities and towns in southern Bristol County, along with the Rhode Island towns of Tiverton and Little Compton.
SJB had $23 million in assets at the time of the merger, according to Waltz.
Southern Mass 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 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 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.