Webster First FCU Expands Eastward
Webster First Federal Credit Union, which is headquartered in Worcester, will finalize a merger at the end of this month with Saugus Federal Credit Union, according to Michael Lussier, Webster First's president and CEO.
The merger will expand Webster First's reach in Massachusetts and will allow Saugus Federal members to access Webster First's savings and loan offerings.
The merger was the result of a competitive bidding process among a group of credit unions that was initiated by Saugus Federal, Lussier said.
"Our Webster First team and board are as excited as the Saugus team and we're looking forward to making this happen together," Lussier said.
Webster First currently has 10 branches in Worcester County and an operations center on Greenwood Street, which it built in 2009. Lussier said the move to Worcester was the beginning of a larger effort to seek out expansion possibilities.
Webster First will absorb Saugus Federal's 8,000 members and $61 million in assets. Webster First currently has 40,000 members and $510 million in assets.
Saugus Federal, which has two community branches in Saugus and three high school branches in the surrounding area, will become a division of Webster First.
Saugus Federal posted a combined $3.5 million in losses from 2008 to 2010, according to the National Credit Union Administration.
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