Bridgewater CU members approved the merger of the Bridgewater, Mass.-based credit union with Lawrence, Mass.-based Merrimack Valley FCU, according to information posted on the websites of the institutions.
The merger is expected to be completed in the summer, pending regulatory approval.
All employees will keep their jobs, and no branch will close as a result of the merger.
Bridgewater President and CEO John Howard will lead the combined organization. Merrimack President and CEO Peter Matthews Jr. will transition into an advisory role and retire after the merger.
SNL data shows that as of the end of 2017, Merrimack had $596.9 million in assets, while Bridgewater had assets of $356.9 million.
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