The members of Merrimack Valley Credit Union (MVCU) and Cabot Boston Credit Union (CBCU) voted in favor of merging the two financial organizations last month, following separate member votes at each organization’s corporate headquarters. MVCU will be the continuing credit union.
Founded in 1955, MVCU is a state-chartered, not-for-profit, member-owned financial cooperative with more than $2.3 billion in assets and 19 retail branches that serve more than 115,000 members in Massachusetts, New Hampshire and Rhode Island. The merger will combine the resources, expertise and values of two longstanding credit unions.
“We are thrilled that our members support and approve of our partnership with CBCU,” said MVCU President & CEO John J. Howard. “By joining forces, we’re creating a stronger, more robust organization that will provide enhanced financial services and benefits to our credit union family.”
CBCU Manager Marta Carney shared similar enthusiasm: “Throughout the merger process, the needs of our members have remained at the forefront. MVCU shares our commitment to serving our members and supporting our communities. I am confident that together, we will continue to build on our legacy of financial empowerment while expanding opportunities for our members and staff alike.”
MVCU and CBCU expect to officially become one credit union on Jan. 1, 2025, pending regulatory approval.
In 2019, 2020 and 2023, MVCU completed successful mergers with Bridgewater Credit Union, Ocean Spray Employees Federal Credit Union and RTN Federal Credit Union respectively. For more information about the proposed merger between MVCU and CBCU, visit https://www.mvcu.com/merger.
MVCU President & CEO John J. Howard and CBCU Manager Marta Carney at MVCU’s Lawrence corporate office.