Webster First Inks Fourth Merger
Webster First Federal Credit Union has merged with Boston-based Filene Federal Credit Union, giving the Worcester-based institution a third foothold in eastern Massachusetts.
It's the fourth acquisition for Webster First in the past year. The credit union acquired Saugus Federal Credit Union, Fitchburg Federal Credit Union and Winthrop Federal Credit Union in 2011. The Saugus deal expanded Webster First's charter, allowing it to accept members from an expanded geographic area.
Filene Federal, which originally served department store employees in Boston, has approximately $20 million in assets, more than 1,700 members and one branch in Boston. The acquisition will boost Webster First's assets to $639 million. The merger was approved by the National Credit Union Administration in late January and is expected to be final at the end of this month.
"We look forward to combining the two institutions and expanding our presence into the Boston market," Michael Lussier, president and CEO of Webster First, said in a statement.
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