Webster First Federal Credit Union, a $901 million institution based in Worcester, Mass, and Louise Mills Federal Credit Union, a $10 million institution based in Merrimac, Mass., announced that they merged, effective March 1.
The board of directors of Louise Mills FCU had elected to pursue the merger in a meeting held on November 29, 2017.
Louise Mills FCU, which was founded in 1963 to help serve the financial needs of students and teachers within Merrimac and its surrounding communities, has one branch located in Merrimac. It has about 1,000 members.
Webster First FCU, which has completed mergers with Saugus Federal, Fitchburg Federal, Winthrop Federal, Filene Federal, and Industrial Credit Union since 2011, currently serves more than 67,000 members.
"We look forward to combining the two credit unions and strengthening our presence in the Merrimac market,” said Webster First FCU’s president and CEO Michael Lussier in a statement.
Webster First FCU posted net income of about $11.7 million in 2017, up slightly from $11 million in the prior year. Meanwhile, Louise Mills FCU incurred a net loss of about $63,000 last year, following a loss of about $30,000 in 2016.