Stoneham Municipal Employees Federal Credit Union and Reading Mass. Town Employees Federal Credit Union Announce Merger

Stoneham Municipal Employees Federal Credit Union and Reading Mass. Town Employees Federal Credit Union are excited to announce that their voluntary merger was completed on July 1, 2024.  The merged credit unions will have combined assets of $68 million and serve over 4500 members with best-in-class digital banking services and 4 branch locations. The combined credit union will operate under the name Stoneham Municipal Employees Federal Credit Union.

Ann Marie Waugh, president and CEO of Stoneham said that “Our partnership with Reading is another example of how municipal credit unions with deep ties to the communities they serve can pursue economies of scale through a cooperative partnership and remain focused on going above and beyond to help meet the evolving needs of members through operational efficiencies and an expanded branch network.”  This acquisition is the third strategic merger for Stoneham Municipal Employees Federal Credit union in the last six years.