Small Mass. credit union folds into RTN Federal
A merger between Waltham Municipal Employees Credit Union and RTN Federal Credit Union took effect February 1, following a vote from WMECU members approving the deal last month.
Both credit unions are headquartered in Waltham, Mass.
The deal is expected to bring a wider slew of products and services to the former WMECU members, including mortgages, insurance, a larger ATM network and more.
“This is an exciting opportunity to deepen our connection with the City of Waltham,” RTN Treasurer and CEO Richard Wright said in a press release. “We hope our new members will enjoy the ease of conducting business in our flagship branch right here in Waltham, with access to a wider offering of products and services.”
Prior to the merger, Waltham Municipal had just $8.5 million in assets, serving fewer than 900 members. The credit union posted a net income of just under $49,000 in 2019, far better than the $11,000 it earned in 2018.
Two WMECU employees, including its CEO, were offered positions at RTN, one of which was accepted while the other person retired. No members of the smaller CU's board will join the RTN board.