Webster First Federal Credit Union (WFFCU), which is based in Worcester, is merging with Boston-based Industrial Credit Union (ICU), the two institutions announced.
The merger will take effect May 31, pending regulatory approvals, Webster First said in a statement.
Webster said ICU’s board of directors voted unanimously last month to pursue the merger.
“We look forward to combining the two institutions and strengthening our presence in the Boston market,” Michael Lussier, WFFCU president and CEO, said.
In the last few years, Webster First has completed mergers with Saugus Federal, Fitchburg Federal, Winthrop Federal, and Filene Federal Credit Union.
In operation since 1928, Webster First is among the largest credit unions in Massachusetts, with more than $630 million in assets. It has 14 branches, including in Worcester, Auburn, Charlton, Douglas, Dudley, Fitchburg, Hopkinton, Spencer, Webster, West Boylston and Whitinsville.
ICU, with assets of more than $170 million, has been in business since 1910. The credit union operates out Boston’s financial district, and leans toward higher-end borrowers and savers, the statement said.
In the statement, ICU President and CEO Roy Campana said the merger will allow ICU to complement and enhance its products and services “with a more diverse package of financial services that Webster has firmly and successfully established.”
