Webster First FCU Expands Again
Webster First Federal Credit Union is expanding for the second time this year, announcing it will merge with Fitchburg Municipal Employees Federal Credit Union effective Nov. 30.
Webster First, based in Worcester, said the National Credit Union Administration (NCUA) signed off on the merger in September. In May, Webster First acquired Saugus Federal Credit Union, adding about $61 million in assets. The deal with the Fitchburg institution will add another $22 million, bringing Webster First's total assets closer to $600 million.
Webster First has 43,000 members and 13 branches and is ranked in the top 2 percent of credit unions nationally in strength and profitability.
"Both the Webster First and Fitchburg teams are on board and excited in making this merger happen," said Michael Lussier, Webster First's president and CEO. "It's a win-win for both institutions."
Fitchburg Municipal Employees Federal Credit Union (FMEFCU) is the credit union for employees and retirees of the City of Fitchburg, Fitchburg State University, Montachusett Regional Vocational Technical High School, Fitchburg Housing Authority, and students of Fitchburg Public Schools, as well as other organizations.
"We are looking forward to partnering with Webster First," said Barbara Goodwin, FMEFCU's president. "The board and management sought to find a partner that will allow us to maintain our identity while providing us with the ability to grow and present more opportunities for our members."
John Cournoyer, marketing coordinator for Webster First, said Lussier will oversee both organizations.
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