What an exciting time it is for our credit union. Just a couple of weeks ago, we held our Special Meeting of members to vote for our proposed merger with RTN Federal Credit Union. After an exciting two days of connecting with members and colleagues, the final results came in and both MVCU and RTN members voted overwhelmingly in favor of the proposed merger. Now, the final hurdle that we need to clear is receiving approval from the Massachusetts Division of Banks, which is expected to occur by the end of April.
I want to take this opportunity to thank all of our members for the support they have provided us throughout this process. We know that the idea of merging credit unions can be daunting, but you, our members, have been open with us about your questions and our staff have been extremely responsive in answering them. It is during a transition like this that open communications with our members becomes so important. It enables us to move through this process smoothly as OneTeam.
This merger will help our combined organization remain competitive in an industry that has seen so much consolidation over the past five decades. Experts predict that these consolidations will continue over the next 15 to 20 years, so establishing relationships with other credit unions is vital to helping MVCU continue on this pathway of growth. Furthermore, merging will help us remain a healthy, community credit union that is ready and able to serve its members’ financial needs.
As members, you are the owners of this credit union, and the work that the MVCU team completes each day is done with your best interest at heart. Mergers such as this will ensure that MVCU stands strong for the next 100 years, and we would not have gotten this far without the support and confidence of all of you. I am honored to lead this credit union and to have a positive impact on the communities that we serve.
Remember, none of the services that you know and utilize daily are going away; this merger will only add more services for our members. All of our team members are readily available to answer your questions as they arise. We will continue to remain transparent with our members as the next steps of this merger are initiated over these next few months.
The MVCU team cannot wait for the exciting things to come and are proud to continue providing quality services to our members. Thank you for being an active part of our credit union community!