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City of Boston Credit Union will be busy this holiday season.
The organization is seeking to complete mergers with Norwood-based Chadwick Federal Credit Union and Northeastern University Federal Credit Union, potentially before the end of the year, according to a recent activity report from the Massachusetts Division of Banks.
The merger seems to be partly driven by the difficulty in keeping up with technology, at least for Chadwick FCU.
“This merger will expand our servicing capabilities and further strengthen our commitment to credit union service excellence for both current and new members,” Richard Bonomo, CEO of Chadwick, said in a letter to members. “New services will include – but are not limited to – remote deposit capture, mobile banking, online application for new accounts and services, more ATMs and additional branch locations – some with Saturday hours. As a much larger entity, members will have access to even greater loan and savings opportunities.”
Bonomo will become a member of management at City of Boston Credit Union following completion of the deal.
City of Boston Credit Union had just under $400 million in assets at the end of June of this year. The addition of the roughly $23.4 million in assets from Chadwick FCU will bring the combined entity close to $420 million in assets. With another roughly $23 million in assets from Northeastern University FCU, the entity encompassing all three credit unions would be over $440 million in assets.
City of Boston Credit Union currently has six offices/branches, four in Boston, one in West Roxbury, one in Dorchester and one in Canton. Chadwick FCU currently has branches in Norwood and Johnston, Rhode Island, while Northeastern University FCU has a branch on Northeastern’s campus.
According to Chadwick’s website, City of Boston Credit Union does not intend to close any Chadwick branches or lay off any employees.
The proposed mergers are not the first time this year City of Boston Credit Union has expanded. Earlier in the year, the credit union received approval to expand its field of membership to Middlesex County.
Members of Chadwick FCU are slated to vote on the merger tomorrow, while City of Boston Credit Union has scheduled a vote for Nov. 20. There is no information about the merger on Northeastern University FCU’s website. The transaction with Chadwick is expected to close sometime between now and Jan. 1, 2019, according to its website.
