Members Plus Credit Union and Everett Credit Union Announce Their Mutually Beneficial Co-op Merger
Everett Credit Union and Members Plus Credit Union have received approval from their respective memberships to merge. The merger will require state and federal regulatory approvals and is expected to be finalized in 2018.
The 4,200 members of Everett Credit Union will merge into Members Plus Credit Union, which now serves over 10,000 members. This mutually beneficial merger will combine two cooperative financial institutions that share the same focus on community-based banking and similar core values. Members of both credit unions will benefit from a larger branch network and increased financial product and service options. All branch locations from both credit unions will remain open. After the merger, Members Plus will be 6 branches strong, with locations in the towns of Everett, Medford, Dorchester (2), Norwood, and Plymouth.
“We’re stronger together,” said Members Plus CEO, John Murphy. “With combined resources we can offer a greater selection of products and services while still providing exceptional member service that both memberships have come to rely on from people they know and trust.” Murphy said they are still awaiting approval from state and federal regulators such as the National Credit Union Administration (NCUA) and the Massachusetts Share Insurance Company (MSIC), before the merger can officially begin.
Everett Credit Union was founded in 1926. Despite its growth over the years, Everett leadership has realized that staying relevant in today’s highly competitive, FinTech dependent environment requires greater resources and capacity than the $50M credit union has at their disposal.
“We don’t think of it as the end,” said Everett Interim CEO, Janis Caines. “This merger brings great opportunities to expand the team of people we work with to continue the meaningful work we do for our members. We’re excited to join MembersPlus and further our reach and impact.” Caines stepped in as Interim CEO on June 1. John Murphy is very familiar with Everett and its members as he served as Everett’s President/CEO from 2005 to 2008.
Leadership teams at both Everett and Members Plus are centered on commitment to their members and the communities they serve, and they are very optimistic about this merger. The increase in staff resources, along with an estimated $300-million of combined total assets under one roof, will help ensure a stronger future for both memberships.« RETURN TO ALL NEWS