Merrimac, Mass.-based Louise Mills Federal Credit Union has merged into Worcester, Mass.-based Webster First FCU, effective March 1, 2018.
The board of directors at Louise Mills unanimously agreed on Nov. 29, 2017 to pursue the merger, and Webster First has completed five different mergers since 2011. The credit union has more than $900 million in assets and serves more than 67,000 members.
Founded in 1963 to serve students and teachers in Merrimac and the surrounding counties, Louise Mills had one branch and assets of about $10 million prior to the merger. The branch will be rebranded as “Louise Mills, a division of Webster First Federal Credit Union.” Full integration of both credit unions’ systems is expected by May 1.
"We look forward to combining the two credit unions and strengthening our presence in the Merrimac market” Webster First President/CEO Michael Lussier said in a statement posted on the credit union’s website.
Louise Mills posted a loss of more than $63,000 for 2017, following losses of more than $30,000 in 2016.