Marlborough-based St. Mary’s Credit Union has completed its merger with Framingham’s MetroWest Community Federal Credit Union, creating an entity with about $1.15 billion in assets and 60,000 members.
First announced in August, the merger will see the two entities operate under the SMCU name and charter. MetroWest’s lone branch in Framingham is now part of SMCU’s network, with its 12 employees now joining SMCU.
SMCU President and CEO Jim Petkewich told WBJ in June the merger was the result of shared values between the two firms.
Central Massachusetts has seen a number of mergers in the bank and credit union space in the past three years.
Petkewich took over as president and CEO during the merger, as former leader Grace Lee exited SMCU after about 11 months in the role. Having been at SMCU since 2006, Petkewich was serving as interim president and CEO when the merger was announced in August, prior to Lee’s arrival.
SMCU now has eight branch locations across Framingham, Hudson, Marlborough, Northborough, and Westborough.
As of March and prior to the merger being finalized, SMCU was the fourth-largest credit union in Central Massachusetts, trailing Webster First Federal Credit Union ($1.5 billion in assets), Hansom Federal Credit Union in Littleton ($2.19 billion), and Worker’s Credit Union in Littleton ($2.5 billion).
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
