Merrimack Valley Credit Union plans second merger of 2019
Members of Ocean Spray Employees Federal Credit Union in Bridgewater, Mass. will vote next month on a proposed merger with Merrimack Valley CU.
The $11 million-asset Ocean Spray Employees FCU serves employees and families of Ocean Spray Cranberries, Inc. The proposed merger between Merrimack and Ocean Spray will not eliminate any positions or lay off any employees according to the release.
“Over the last several months, our board of directors determined it was in the organization’s best interest to merge with a larger financial institution to accommodate our members’ growing banking needs,” Annette Yee, CEO of Ocean Spray Employees Federal Credit Union, said in a release.
Net income at the $11 million-asset institution is down nearly 35% year-over-year, at around $4,600 for the first three quarters of 2019. The deal is expected to broaden the number of products and services available to OSEFCU members.
Ocean Spray Employees FCU has shared a location with Merrimack Valley’s Bridgewater branch for two years, and MVCU President and CEO John J. Howard said in a press release the merger was “a great match, as both organizations have shared values and culture.”
This is Merrimack’s second merger of 2019, having absorbed Bridgewater Credit Union earlier this year to create one of the state’s largest CUs. The combined duo officially became a legal entity on Feb. 1 and full conversion onto the same core system was completed earlier his month.
The Ocean Spray Employees FCU vote is scheduled for Dec. 9.