Send Your Questions

Frequently Asked Questions

Why Merge?

1. Why is RTN Federal Credit Union merging into Merrimack Valley Credit Union? 
   The challenges faced by financial institutions today – particularly credit unions – continues to demand that we scale our operations to remain competitive and financially sound far into the future. This proactive step by two financially sound institutions will capitalize on the respective strengths of both organizations to better meet the current and future needs of all members. The merger will also provide synergy and cost-savings in many areas. We believe that RTN Federal Credit Union is the ideal partner for us to serve our members, filling the gap between our branches in the Merrimack Valley and those south of Boston.  
    
2. Who Is RTN Federal Credit Union?  
   RTN is a member-owned, non-profit financial cooperative, governed by a volunteer Board of Directors. Founded in 1945, RTN has more than $1 billion in assets, more than 40,000 members, nine (9) retail branches and an additional nine (9) branches located within companies with Select Employer Group (SEG) status. RTN also serves more than 1,100 sponsor groups, including two major employers in Massachusetts: Raytheon Technologies and Brigham and Women’s Hospital.  
    
3. Is either credit union in financial trouble?  
   No. Both credit unions are financially sound and well-capitalized.  
    
4. What is the advantage of being a little bigger?  
   Post-merger, the combined credit union will bring together the best of both organizations to better serve all members by expanding the scope of products and services offered, by more than doubling the number of physical branches and offering them in communities throughout greater Boston, by increasing the financial strength of the credit union by doubling the financial assets, by increasing our technological capabilities, and by expanding the diversity of our membership.  
    
5. Since Merrimack Valley Credit Union will be bigger, will you operate like a bank?  
   No, not ever! We will remain a state-chartered, nonprofit, member-owned financial cooperative credit union and serve our members in the traditional credit union manner, including community-based services.  
    
6. What is the merger process and timeline? We expect the merger to take place in the second quarter of 2023, pending member and regulatory approval. Once approved, RTN Federal Credit Union will be merged into Merrimack Valley Credit Union. We will keep you informed of our progress.

How does this merger affect me?

1. How will my accounts be impacted? 
   The proposed merger will have little or no impact on Merrimack Valley Credit Union member accounts, account numbers or fees. You will be able to conduct business as you always have, without any changes. Branch operations and digital banking will continue as they do today.  
    
2. Will the level of deposit insurance change in any way? 
   No, there will be no changes to deposit insurance. Members will continue to enjoy full deposit insurance coverage of up to $250,000 by the NCUA. Accounts in excess of $250,000 will continue to be fully insured by Massachusetts Share Insurance Corporation (MSIC).  
    
3. How will Merrimack Valley Credit Union members benefit? 
   The proposed merger will create a stronger credit union that will allow us to expand our products and services to meet the evolving financial, technological and accessibility needs of our members. The post-merger credit union will have a total of twenty-eight (28) branches, provide shared branching across the United States, have combined assets of more than $2.3 billion and be well-capitalized. The additional resources will also allow for the expansion of our community support programs. Our call center hours will be expanded to 24 hours a day, 365 days a year. 
    
4. Who will lead the combined organization? 
   The executive leadership of Merrimack Valley Credit Union remains intact, with John J. Howard continuing as President & CEO, and will add the management team from RTN Federal Credit Union to enhance our leadership capabilities and capacity.  
    
5. Will there be layoffs? 
   Both organizations are dedicated to their members and their employees. There will be no staff layoffs at MVCU ... PERIOD! One hundred percent of all RTN Federal Credit Union employees will be offered employment on the date of the merger. The combined workforce of qualified credit union personnel from RTN Federal Credit Union and MVCU will enable us to strengthen and improve member service across all of our delivery channels.  
    
6. Will the credit union’s name change? 
   The combined organizations will initially operate as Merrimack Valley Credit Union. A new brand name will be introduced in 2024.  
    
7. Are you going to close my branch? 
   No branch will close as a result of this merger.  
    
8. What if I have additional questions? 
   If you have a question about the merger or would like more information:
   • Attend one of the virtual or in-person Member Town Hall meetings to be scheduled.
   • Email us at mergerquestions@mvcu.com
   • Call our Member Support team at (800) 356-0067
      
9. I have checking and savings accounts with both RTN and MVCU. When I login to RTN, will I be able to access my MVCU accounts? Or my RTN accounts when I login to MVCU?
   Once members of both credit unions vote in favor of the merger and the Massachusetts Division of Banks approves it, a date is scheduled to officially merge the two credit unions. Once that happens we will begin the process of integrating our systems, which will take between six and nine months. During that period of time you will need to login separately to your RTN and MVCU accounts as you do today, but once the systems integration is complete, you will only need to login once to access all of your accounts. We will keep all members informed of our progress as we work through this process. We anticipate completing the process in the first quarter of 2024.