Merrimack Valley Credit Union and RTN Federal Credit Union Members Approve Proposed Merger
Members of both organizations voted overwhelmingly in favor of merger.
Lawrence, Mass. (March 31, 2023) – The members of Merrimack Valley Credit Union (MVCU) and RTN Federal Credit Union (RTN) voted in favor of merging the two financial organizations this week, bringing them one step closer to creating one of the five largest credit unions in Massachusetts with more than $2.4 billion in assets. Members of both credit unions voted overwhelmingly in favor of the merger.
Founded in 1955, MVCU is a state-chartered, nonprofit, member-owned financial cooperative credit union with more than $1.3 billion in assets and 11 branches that serve more than 75,000 members in Massachusetts, New Hampshire and Rhode Island. Founded in 1945, RTN has more than $1 billion in assets, more than 40,000 members and 18 branches. RTN also serves more than 1,100 employer groups, including two major Massachusetts employers, Raytheon Technologies and Brigham and Women’s Hospital.
“We have developed a strong and mutually respectful relationship with our new partners at RTN, and we are fortunate to share very similar cultures and values,” said John J. Howard, President and CEO of Merrimack Valley Credit Union. “We are grateful for the support of our members, which made it possible for us to combine our organizations, enabling us to increase financial strength, and to provide greater resources and opportunities for our members, our team and the communities we serve.”
MVCU and RTN expect to officially become one credit union in early June 2023, pending approval from the Massachusetts Division of Banks. The combined organization will initially continue under the Merrimack Valley Credit Union name. Upon regulatory approval, Howard will lead the combined credit union and will integrate the management team from RTN into the existing MVCU team. RTN Treasurer and CEO Richard E. Wright will serve as a special advisor to MVCU and to Howard.
“The merger of our two credit unions creates a financially strong institution that will bring greater value to members and affiliates,” says Arthur Osborn, RTN’s Chairman of the Board of Directors. “We are excited to expand our products and services to meet the evolving needs of our members, as well as a wider branch network, all with the high-level service our members have come to expect.”
Post-merger, MVCU will have a total of 29 branches and provide its members with shared branching services at credit unions throughout the U.S. The merged credit union will also result in the expansion of community support programs, the introduction of new products and services, and a call center that is available 24 hours per day, 365 days per year.
In 2019 and 2020, MVCU completed successful mergers with Bridgewater Credit Union and Ocean Spray Employees Federal Credit Union respectively.
For more information about the proposed merger between MVCU and RTN, visit this page and/or https://www.mvcu.com/merger.
December 2022 – An Exciting Announcement from RTN FCU
We are very excited to announce that RTN Federal Credit Union has entered into an agreement to merge into Merrimack Valley Credit Union (MVCU), pending member and regulatory approval. After carefully evaluating options and possibilities, your Board of Directors is convinced that the proposed merger would result in a perfect fit of organizations with matching cultures and values. Additionally, the existing areas and organizations served by the two credit unions do not compete with each other, allowing the opportunity for all to benefit. If approved by the memberships and the appropriate regulatory authorities, RTN Treasurer & CEO Richard E. Wright would serve as a special advisor to MVCU President & CEO John J. Howard, who would lead the combined organization post-merger.
Who Is Merrimack Valley Credit Union?
Founded in 1955, Merrimack Valley Credit Union is a state-chartered community credit union with over $1.2 billion in assets. They serve more than 73,000 members in Massachusetts, New Hampshire and Rhode Island and have ten branches located in Bridgewater, Fairhaven, Haverhill, Lawrence, Methuen, North Andover, Plymouth and Quincy in Massachusetts and Plaistow and Seabrook in New Hampshire.
Are RTN and MVCU financially strong?
Yes, both credit unions are financially sound and well-capitalized.
Would the continuing credit union operate more like a bank than a credit union?
Not at all. We would remain a nonprofit, member-owned financial cooperative, owned by and operated for our members.
What does it mean for you as a member?
We are confident that the proposed merger would result in a credit union that can better achieve our primary mission, which is to be the best place that our members have ever banked, and employees have ever worked.
- It would allow us to expand our products and services to meet the evolving financial, technological and accessibility needs of our members.
- It would provide improved member service through a broader branch network that would extend from southern New Hampshire through virtually all of eastern and central Massachusetts. The combined organization would have nineteen (19) community branches along with the nine (9) workplace branches RTN currently staffs. Once the merger is complete, you will have an expanded choice of branches available to you. In addition to existing RTN branches, you will be able to make transactions at branches in Bridgewater, Fairhaven, Haverhill, Lawrence, Methuen, North Andover, Plymouth and Quincy in Massachusetts and Plaistow and Seabrook in New Hampshire.
- Member Service assistance by phone would continue 24 hours per day, 365 days per year.
- All current RTN employees would be offered positions at MVCU and would work with President & CEO John J. Howard to serve and advocate for all credit union members.
- All current RTN Federal Credit Union Board members would become directors on the combined Board of Directors.
- The Credit Union would remain a member-owned, locally operated credit union focused on the needs of our membership and the communities we serve.
What does it mean for RTN Federal Credit Union employees?
Both organizations are dedicated to their members and their employees. One hundred percent of all RTN Federal Credit Union employees would be offered employment on the date of the merger. Your team would still be there to provide the high-level service you have come to expect.
We will be in constant communication with our membership throughout this process. Over the next several months, we will host a series of Town Hall Meetings in-person and virtually through Zoom to provide in-depth explanations of the proposed merger. Town Hall Meetings will be facilitated by RTN Treasurer & CEO Richard Wright and MVCU President & CEO John Howard. All are welcome and encouraged to attend. We will ensure that all members have a chance to have their concerns addressed and questions answered. We hope that you are as excited as we are!
Read the MA Divison of Banks Merger Notice
Merger booklet, March 2023
We are informing you of the Board of Directors decision to pursue this merger so you may be fully aware of the steps the Board believes will position the Credit Union to continue to provide superior member service for years to come. You will be mailed additional information during the next few months.
If you have a question or would like more information about the proposed merger, email us at firstname.lastname@example.org or contact our Member Support team at 781-736-9839.
|Arthur R. Osborn
Chairman of the Board of Directors
|Richard E. Wright
Treasurer & CEO