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Another municipal credit union plans to merge into a larger institution, with Lynn Municipal Employee Credit Union looking to combine with Lynn-based St. Jean’s Credit Union.
This will be St. Jean’s Credit Union’s second merger with a municipal credit union this year after acquiring Revere Municipal Employees Federal Credit Union on April 1.
The $3.1 million-asset Lynn Municipal Employees Credit Union has about 450 members, according to the National Credit Union Administration. St. Jean’s will not retain Lynn Municipal’s office in Lynn City Hall, according to a public notice from the Massachusetts Division of Banks. Lynn Municipal is managed by the city comptroller’s office, and the credit union does not offer members a website or online banking tools, according to NCUA data.
St. Jean’s Credit Union, the state’s first credit union, had more than 17,000 members and about $325 million in assets as of March 31, before the acquisition of the $18.1 million-asset Revere Municipal Employees Federal Credit Union. The conversion involved with the Revere Municipal merger is still ongoing, according to St. Jean’s website.
Another municipal credit union, Peabody Municipal, is also planning to combine with a larger institution, West Roxbury-based Energy Credit Union. Peabody Municipal Credit Union has $34.6 million in assets and nearly 2,000 members, while Energy Credit Union has $111.77 million in assets and about 4,100 members.
Energy Credit Union plans to keep Peabody Municipal’s office, giving the credit union two branches. Energy Credit Union’s field of membership includes Suffolk and Norfolk counties, several communities in Middlesex County and employees and retirees of National Grid.
Another small credit union, the $2.85 million-asset Holyoke Postal Credit Union, is planning a merger with Holyoke Credit Union, which has $250.2 million in assets and more than 21,000 members.
Two other credit union mergers have been completed this year. East Longmeadow-based Premier Source Federal Credit Union merged into Chicopee-based Polish National Credit Union on June 13, and New Bedford-based Coastal New England Federal Credit Union merged into Taunton Federal Credit Union earlier this year.
Two larger credit unions, Fairhaven-based Alltrust Credit Union and Lowell-based Align Credit Union, are considering a merger that would create a $1 billion-asset institution.
