The members of Member Plus Credit Union (MPCU) and Winchester Federal Credit Union (WFCU) voted in favor of merging the two organizations. The combined credit union will have assets of over $350 million, serving approximately 14,000 members. At present, WFCU operates one branch in Winchester; MPCU operates a total of six branches in Medford, Everett, Dorchester, Norwood and Plymouth. As part of the merger, Members Plus Credit Union would retain its trusted name and seek to expand service offerings in Winchester.
“Our members will benefit from combining our two strong organizations,” said WFCU Board of Directors President Norman Doucette, Jr.
“This merger is a continuation of our focus to provide the members with better financial tools and a partner that will help them reach their life’s goals,” said MPCU President/CEO John J. Murphy, who is a Winchester native. “We look forward to serving the members of Winchester Federal Credit Union.”
The current WFCU manager, Rick Adams, will join the combined credit union as a member of the Senior Management Team. All employees, of both credit unions, will continue to be employed as part of the Members Plus team.
“It was most important for us to join forces with a local credit union like Members Plus, which shares our same core values,” said Adams. “This partnership with Members Plus and Winchester Federal will create a more expansive credit union that will enhance the financial well-being of many people with increased accessibility, technology, security and products.”
The merger will require regulatory approval from both the Commonwealth of Massachusetts Division of Banks (DOB) and the National Credit Union Administration (NCUA). An anticipated effective date will be mid-2023. Until the completion date, both organizations will continue with no change to how they serve their membership. For the latest merger news and developments please visit memberspluscu.org.
More about Winchester Federal Credit Union: WFCU has been serving Massachusetts since 1957. WFCU manages $3.07 million in assets and serves over 400 members as of June 2023. WFCU is well-capitalized with a net worth ratio of 9.15. Deposits insured up to $250,000 by the NCUA. For more information, visit winchesterfcu.com.
More about Members Plus Credit Union: Serving the community since 1940, MPCU is 100% owned by the people who bank with it. They have no stockholders or other interests. MPCU has offices in Medford, Everett, Adams Village in Dorchester, Mass. Avenue in Dorchester (open to Eversource Employees only), Norwood and Plymouth. Deposits federally insured by NCUA & all deposits above the NCUA limits are fully insured by MSIC. Equal Housing Lender. For more information visit online at www.memberspluscu.org.