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The membership of Merrimack Valley Credit Union has approved the institution’s proposal to convert from a federal to state charter, according to its website. The vote was 1,787 to 566.
The move will change MVCU’s regulator from the National Credit Union Administration to the Massachusetts Division of Banks, meaning it will have some different requirements than before. For instance, state-chartered credit unions are subject to state’s Community Reinvestment Act.
But the move could also renew merger talks with Bridgewater Credit Union. The two credit unions announced in March that the $356 million BCU would merge into the nearly $600 million MVCU creating one of the top 10 largest credit unions in the state.
But the merger application was withdrawn in June due to a federal court decision that struck down provisions of a proposed rule by the NCUA that would have made it easier for credit unions to expand membership. Because MVCU and BCU are located in different geographic parts of the state, the two were forced to abandon their efforts.
Following the withdrawal of their application, MVCU applied to switch charters, a move that experts said would make merger efforts with BCU much easier. Regulators still need to sign off on the charter conversion before it is final.
