Everett Credit Union and MembersPlus Credit Union have announced their successful merger. The official merger date of October 1, 2018 came just a few short months after members of both credit unions voted in favor of joining the two financial institutions.
The 4,200 members of Everett Credit Union have joined MembersPlus Credit Union, which now serves over 14,000 members. This mutually beneficial merger combines two cooperative financial institutions that share the same focus on community-based banking and similar core values.
Members of both credit unions now benefit from a larger branch network and increased financial product and service options. All branch locations from both credit unions will remain open. MembersPlus is now 6 branches strong, with locations in the towns of Everett, Medford, Boston, Dorchester, Norwood, and Plymouth.
“We’re stronger together,” said MembersPlus CEO, John Murphy. “With combined resources we can offer a greater selection of products and services while still providing exceptional member service that both memberships have come to rely on from people they know and trust.”
In addition to the merger, the MembersPlus field of membership has also expanded. Anyone who lives or works within Middlesex, Norfolk, Plymouth, Suffolk and now Essex counties is eligible to join Members Plus.
Everett Credit Union, founded in 1926, has realized that staying relevant in today’s highly competitive, FinTech dependent environment requires greater resources and capacity than the $50M credit union has. “We don’t think of it as the end,” said Everett Interim CEO, Janis Caines. “This merger brings great opportunities to expand the team of people we work with and to continue the meaningful work we do for our members. We’re excited to join MembersPlus and further our reach and impact.” Caines stepped in as Interim CEO on June 1st. John Murphy is very familiar with Everett and its members as he formerly served as Everett’s President and CEO from 2005 to 2008.
Everett’s and MembersPlus’ leadership teams are centered on their commitment to their members and the communities they serve, and they are very optimistic about this merger. The increase in staff resources and what will be over $300 million of combined total assets under one roof will help ensure a stronger future for both memberships.
Members of both credit unions are encouraged to stay up-to-date on the merger happenings as it pertains to their accounts on the MembersPlus website: www.memberspluscu.org/merger
About Everett Credit Union: Everett Credit Union (ECU) was a cooperative, not-for-profit financial institution, owned by its members and organized to promote thrift and provide credit to members. It had total assets of $49 million and total shares of $42 million, as of March 31, 2018.
About MembersPlus Credit Union: Members Plus Credit Union (formerly Boston Edison Employees Credit Union) has been serving members since 1940. As a not-for-profit organization owned by over 10,000 members, they serve the community and various employer groups. Their mission is to provide quality, innovative, competitive, and secure financial products and services to their expanding membership. It had total assets of $ 249 million and total shares of $178 million, as of March 31, 2018.