Two credit unions based in southeastern Massachusetts plan to merge.
Sharon Credit Union in Sharon, Mass., and Crescent Credit Union in Brockton, Mass., said on Monday that the proposed merger will be subject to approvals by regulators and the membership of each institution.
Upon closing, the combined entity will have the legal name of “Sharon and Crescent United Credit Union,” but will do business under the name “SCU Credit Union.” The combined institution will have more than $1 billion in assets and 12 branches and will serve more than 81,000 members. The credit unions don’t expect any job losses from the merger.
“We are very excited about this proposed merger with Crescent Credit Union,” James L. Carlson, president of the $600 million-asset Sharon, said in a statement. “With our mission and values aligned, we’ll continue to help members and provide enhanced capabilities while maintaining the history and heritage of both organizations.”
Carlson told Credit Union Journal that he will become the president and CEO of the combined entity.
Robert W. Gustafson, president of the $450 million-asset Crescent, noted that the merger will enable them to ”leverage our combined resources and expanded footprint to provide more convenience and greater support to our membership.”
Sharon posted net income of about $5.6 million in 2018, a 28% increase over the prior year.
Crescent recorded net income of about $2.5 million, a 13.5% decline from the previous year.
