The members of Touchstone Federal Credit Union have approved a merger with Hanscom Federal Credit Union, the two CUs said Tuesday.
Members of $17 million Touchstone FCU were informed of the vote results on Feb. 16. The CU, which was founded in 1957, has its headquarters in Wilmington, Mass., and a second branch at Mount Auburn Hospital in Cambridge, Mass. It serves employees and retirees at Textron Systems, Mount Auburn Hospital and other affiliated organizations. Hanscom FCU is headquartered at Hanscom Air Force Base, Mass. It has $1.1 billion in assets.
The merger will be effective April 1. Touchstone FCU said it will continue to operate as a separate entity until the integration of systems is completed later in 2017.
Hanscom FCU said it intends to retain the two Touchstone FCU offices and staff. Ray Kahre, Touchstone FCU’s board chairman, has agreed to serve on Hanscom FCU’s advisory board.
“We are delighted to welcome all 2,291 Touchstone FCU members to the Hanscom FCU family,” Paul Marotta, chairman of the board for Hanscom FCU, said in a statement. “We look forward to helping more people become financially self-sufficient and successful.”
