Massachusetts credit unions plan big expansions

Massachusetts credit unions plan big expansions
Tags: Bank / Credit Union, Debit / Credit
July 27, 2005

The Boston Globe: Credit unions in Massachusetts are trying to cash in on a wave of consolidation in the state's banking industry.The credit unions are staking out new turf as they lay out plans for growth and new customers. Metropolitan Credit Union of Chelsea, Mass., one of the state's largest credit unions with $576 million in assets, plans to merge with Nebco Credit Union of Boston, a single-branch credit union worth $3.6 million, according to a filing made with the state Division of Banks. And that merger is just one of many expected to close in the near future as more credit unions join forces against.

The battle for market share has been driven by big changes in the state's banking industry.