Proposed Merger with Ocean Spray Employees Federal Credit Union
The Merger Vote Passed. It's a YES!
Merrimack Valley Credit Union members voted overwhelmingly in favor of the merger (43 For and 16 Against) while Ocean Spray Employees Federal Credit Union members voted 161 to 7 in favor of the merger. Thank you to all our members who participated in the voting.
Dear Valued Member,
Merrimack Valley Credit Union is excited to announce a proposed merger with Ocean Spray Employees Federal Credit Union (Ocean Spray Employees FCU).
Ocean Spray Employees FCU has shared an office location in MVCU's Bridgewater location for the past two years. Each credit union has become familiar with the other's culture and values. Recognizing the advantages and many benefits that would flow to the membership, the decision was made for Ocean Spray Employees FCU to pursue a merger with MVCU.
This merger will have the following impacts on Merrimack Valley Credit Union:
- It will add approximately 1,000 members and $11 milllion in assets
- Your banking and access to our full suite of services will not change
As with the merger with Bridgewater Credit Union, Merrimack Valley Credit Union members have to vote on the proposed merger.
NOTICE OF SPECIAL MEETING OF THE MEMBERS ON THE PROPOSAL TO MERGE
Please join us for a special meeting to vote on the proposed merger with Ocean Spray Employees FCU. During the Special Meeting, members will have the opportunity to ask our senior management any questions before casting their votes.
Date: Monday, December 9, 2019
Time: 5:00 p.m. - 7:00 p.m.
Location: Merrimack Valley Credit Union Corporate Office, 500 Merrimack St., Lawrence, MA.
At the Special Meeting, Members will vote For both Proposals below or Against both Proposals.
Proposal Number 1
That the merger of Ocean Spray Employees Federal Credit Union with and into Merrimack Valley Credit Union (the "Merger"), pursuant to the Merger Agreement dated as of April 1, 2019 by and between Merrimack Valley Credit Union and Ocean Spray Employees Federal Credit Union, be, and it hereby is, approved; and that the By-Laws of Merrimack Valley Credit Union be amended concurrently with the Merger so as to include within Merrimack Valley Credit Union's field of membership all those who currently are eligible for membership under Ocean Spray Employees Federal Credit Union's current field of membership, as more specifically provided on Part A of the Proposed By-Law Amendments delivered to the Members with the Notice of this Special Meeting, with such changes, if any, to those amendments as the President and Chief Executive Officer deems necessary or advisable in response to comments received from the Commissioner of Banks of the Commonwealth of Massachusetts.
Proposal Number 2
That the By-Laws of Merrimack Valley Credit Union be amended so as to permit the Board of Directors to set the number of Directors constituting the Board from time to time, and to allow membership in the credit union to be established by holding a joint deposit account at the Credit Union, as more specifically provided on Part B of the Proposed By-Law Amendments delivered to the Members with the Notice of this Special Meeting.
The Board and Senior Management of Merrimack Valley Credit Union recommend that members vote “FOR” the proposed merger and by-law amendment, which must have the approval of a majority of members of the Credit Union who vote on the proposal. Per state law, members are required to vote in person at the Special Meeting. Unfortunately, there will be no voting by mail.
BANK AS USUAL
Please be assured that you will be able to conduct business as usual without any interruption to your accounts or the branch offices you visit.
OTHER WAYS TO LEARN MORE
- Read the Q&As.
- Email questions@mvcu.com OR call 800-356-0067 if you have further questions.
- Learn more about Ocean Spray Employees FCU: go to www.oceansprayefcu.com.
As always, thank you for your membership.
Sincerely,
Dom Mazzocco
Chairman of the Board of Directors
John J. Howard
President/CEO
