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 at Raytheon Technologies, General Dynamics and Lawrence General Hospital. 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!
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. It is anticipated you will be mailed additional information during the next few months.
|Arthur R. Osborn
Chairman of the Board of Directors
|Richard E. Wright
Treasurer & CEO