BOSTON--(BUSINESS WIRE)--Members of the City of Boston Credit Union today approved the organization’s mergers with Chadwick Federal Credit Union and Northeastern University Federal Credit Union. In addition, the City of Boston Credit Union received approval earlier this year to serve those who live or work in Middlesex County, and K-12 and college students in Suffolk, Norfolk and Middlesex counties. The expansion to Middlesex County doubles the Credit Union’s potential membership base and positions it for significant growth in 2019.
Both the mergers and expansion support the City of Boston Credit Union’s long-term growth strategy as it continues to build a competitive advantage in keeping up with emerging technologies and offering attractive rates and lower fees to its members. As the number of credit unions in Massachusetts continues to shrink, City of Boston Credit Union membership continues to grow, providing the capital and resources required for long-term success – both for the City of Boston Credit Union and its members who share in its ownership.
The simultaneous mergers are anticipated to take effect January 1, 2019 and will bring the City of Boston Credit Union’s footprint to include eight branch locations, 90 employees and more than 30,000 members. Both mergers require regulatory approval from the Massachusetts Division of Banks, National Credit Union Administration and Massachusetts Credit Union Share Insurance Corporation and approval of Chadwick and Northeastern members.
The mergers will also combine the talents of employees, pool financial resources, reduce costs and diversify risk. Both Northeastern and Chadwick fit well within the City of Boston Credit Union’s current field of membership, which today includes those who live, work or attend school in Middlesex, Norfolk or Suffolk counties.
“The City of Boston Credit Union is growing but our promise to our members remains the same: reliable, personal service and solutions for all of life’s events and goals,” said Daniel Waltz, President and CEO, City of Boston Credit Union. “We’re thrilled to welcome new members from Chadwick and Northeastern and look forward to building their trust through our relationship-driven approach to member service.”
About the City of Boston Credit Union
Since 1915, the City of Boston Credit Union has provided its members with personal, convenient and value-priced financial services that support them through all of life’s milestones. Big enough to serve all your needs, and small enough to know what they are, the City of Boston Credit Union fosters a culture where relationships matter. As a credit union, we are owned by and accountable to our members, who each have an equal vote in our direction, regardless of the size of their accounts. We believe we have a responsibility to support the health and wealth of our members and their communities, and in 2017 donated over $300,000 to over 200 local organizations. For more information, visit CityofBostonCU.com.