Webster First merges with Cambridge credit union, creating $1.5B entity
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Webster First Credit Union branch in Charlton
Webster First Federal Credit Union, based in Worcester, on Friday merged with a single-branch credit union based in Cambridge, bringing on its 1,200 members of $26.4 million in assets.
The merger with the Cambridge Teachers Federal Credit Union marks Webster First’s sixth merger since 2011, having already done so with Saugus Federal, Fitchburg Federal, Winthrop Federal credit unions in addition to Boston-based Filene Federal and Industrial credit unions, according to a Friday press release from Webster First.
“We look forward to combining the two credit unions and strengthening our presence in the Cambridge market,” John Thomasian, president and CEO of Webster First, said in the release.
The Cambridge firm will now be known as Cambridge Teachers, a division of Webster First Federal Credit Union, and the merger isn’t expected to impact the employment of its three employees, said Webster First spokesman John Cournoyer.
Prior to the merger, Webster First had $1.48 billion in assets and 91,285 members, according to the National Credit Union Administration. The Worcester-headquartered credit union has 14 branches and 230 employees.
When ranked by assets, Webster First is the fourth largest credit union in Central Massachusetts, after Digital Federal Credit Union in Marlborough, Workers Credit Union in Leominster, and Hanscom Federal Credit Union in Littleton.
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