Pending Merger with Bridgewater Credit Union
To Our Valued Members,
We are very excited to announce that Bridgewater Credit Union (BCU) has reached a definitive merger agreement to merge with and into Merrimack Valley Credit Union (MVCU) subject to the approval of regulatory agencies.
After careful evaluation and consideration, both Boards of Directors have approved the proposed merger which would result in a combined organization of nearly $1 billion with ten branches and nearly 200 employees. Combining the best of both organizations means a credit union with expanded products and services, more financial assets, combined technology and personnel skills, and expanded diversification of membership.
On February 12th 2018, Bridgewater Credit Union members voted overwhelmingly in favor of the merger. After the merger approval by the regulatory agencies, MVCU’s corporate office in Lawrence will become the head-quarters for the combined organization. BCU President & CEO, John J. Howard, will be named President & CEO while MVCU’s President & CEO Peter J. Matthews, Jr. will transition into an advisory role and retire after the merger.
What does it mean for you?
Since MVCU members are not required to vote for the merger, we expect that you will experience no change to your banking services. You will be able to conduct business as you always have, without any changes to your accounts. That said, we are confident that the proposed merger will result in a financial institution that can better achieve MVCU’s primary mission of serving your financial needs.
In addition, the proposed merger will enable the combined organization to be better positioned to grow and meet the evolving banking needs of our membership. That means that we can offer you expanded products and services, implement top-of-the-industry systems that create even faster and easier transactions, and have the added convenience of an expanded branch network, connecting the Merrimack Valley with the South Shore. The combined organization will continue to operate as Merrimack Valley Credit Union in the northern territory and Bridgewater Credit Union in the southern territory.
Learn More and Send Your Questions:
We will keep you posted on the merger process. To learn more about Bridgewater Credit Union, go to bridgewatercu.com. If you have any question, please read the Q&A below or email us at firstname.lastname@example.org.
Merrimack Valley Credit Union
Merger Questions and Answers
Why is Merrimack Valley Credit Union (MVCU) merging with Bridgewater Credit Union?
The credit union and financial industry is becoming increasingly competitive and consolidated. The merger with Bridgewater Credit Union is a proactive step by two financially sound institutions to capitalize on their strengths, and position the credit unions to meet the current and future needs of all members. The merger will also provide synergy and cost-savings in many areas.
Who is Bridgewater Credit Union?
Bridgewater Credit Union is a member-owned state-chartered community credit union located in the South Shore of Massachusetts. It is a full service financial institution offering a variety of savings and loan products to members for seventy years and serving over 30,000 members with $356 million in assets. It has four branches located in Bridgewater, Fairhaven, Plymouth and Quincy.
Is either credit union in financial trouble?
No. Both credit unions are financially sound and well-capitalized.
What is the advantage of being bigger?
Combining the best of both organizations means a credit union with expanded products and services, more financial assets, combined technology and personnel skills, and expanded diversification of membership.
Since MVCU will be bigger, will you operate like a bank?
No. We will stay a nonprofit, member-owned financial cooperative and serve members in the traditional credit union manner, including community based service.
What is the merger process and timeline?
We expect the merger to take place in the summer of 2018 pending regulatory approval. Bridgewater Credit Union members have already voted in favor of the merger. Once approved, Bridgewater Credit Union (BCU) will merge into Merrimack Valley Credit Union (MVCU). will keep you informed of our progress.
How will MVCU member accounts be impacted?
MVCU members will see no impact to their accounts or account numbers. You will be able to conduct business as you always have, without any changes to your accounts.
How will MVCU members benefit?
The proposed merger will create a larger and even stronger credit union that offers more value than you have today with four additional branch offices. Our combined branch network will include ten branch offices with total assets of nearly $1 billion. The combined credit union’s capital ratio will far exceed regulatory requirements.
The combined deposit and capital base will result in added resources in order to:
• Offer competitive rates on loans and deposits
• Keep tradition of low fees
• Expand membership growth
• Expand community support program
Will the level of deposit insurance change in any way?
No. Your deposit accounts will continue to be insured up to $250,000 by The National Credit Union Share Insurance Fund.
Will there be layoffs?
No, there will be no layoffs. Employees will retain their current compensation, seniority, and receive very competitive benefits.
Are you going to close my Branch?
No branch will close as a result of this merger.
What if I have additional questions?
Please email email@example.com.