Crescent and Brockton Postal Credit Unions Merge
May 7, 2013, Brockton, MA – On Tuesday, April 30, Brockton Postal & Government Employees Credit Union merged into Crescent Credit Union. Both credit unions’ members voted to approve the merger earlier this year. The merger was subsequently approved by Massachusetts Banking Commissioner David J. Cotney last week.
Founded in 1919, Crescent Credit Union was originally chartered to serve the financial needs of employees at the Tarlow Brothers Leather Company in Brockton. Crescent now provides better banking solutions to over 47,000 members who live or work in Plymouth, Bristol, Norfolk and Barnstable counties. Established in 1923, Brockton Postal Employees Credit Union is the oldest postal credit union in the country, proudly serving 1,800 members in the Brockton area.
“It is our pleasure to welcome you to the Crescent family,” said Crescent President Robert Gustafson in a letter to Brockton Postal members. “Combined, we are a stronger organization, better prepared to offer the best, most affordable banking services.”
Brockton Postal members will be able to take advantage of Crescent’s competitive rates, convenient branch locations and hours, network of free and surcharge-free ATMs, expanded online services, and superb member service.
“We take great pride in saying that ‘We are Brockton’s credit union,” added Mr. Gustafson.
Crescent and Brockton Postal Credit Unions to Merge
February 1, 2013, Brockton, MA – Crescent Credit Union and Brockton Postal Employees Credit Union have agreed to merge. Both are member-owned credit unions in Brockton and expect to complete the union by the end of March, subject to regulatory and member approvals.
Both credit unions are state-chartered and will operate under the Crescent Credit Union name, charter and bylaws once the merger is finalized. Officials of both credit unions cited improved economies of scale and more efficient operations as reasons for the merger.
“I can’t think of a more logical and mutually beneficial combination of strengths as this merger. Both credit unions are well capitalized, operate under similar charters and are located in Brockton,” said Crescent President and CEO Robert W. Gustafson.
Brockton Postal Chairman Edward Kenney said Brockton Postal’s members will enjoy many advantages. “Members will benefit from access to Crescent’s eight branch locations, a larger array of products and services and the convenience of ATM, online banking and electronic banking options,” he explained.
Crescent is a state chartered credit union, established in 1919. Its deposits are insured by the National Credit Union Administration (“NCUA”) to the maximum extent permitted by federal law, and by the Massachusetts Credit Union Share Insurance Corporation (“MSIC”) for deposits in excess of NCUA coverage limits.
As of December 31, 2012, Crescent had assets of $401,759,132, and deposits totaling $258,521,150. Crescent operates 8 full service branches in Brockton, Taunton and Norwell. Anyone who lives or works in Plymouth, Bristol, Norfolk or Barnstable Counties in Massachusetts can bank at Crescent Credit Union.
Brockton Postal is a state chartered credit union, established in 1923 and located in Brockton, Massachusetts. Its deposits are insured by the NCUA to the maximum extent permitted by federal law. Brockton Postal primarily serves current and retired employees of the United States Postal Service and government employees.
As of December 31, 2012, Brockton Postal had assets of $10,136,399 and deposits of $9,376,884. It operates inside the United States Postal Facility located at 225 Liberty Street, Brockton, Massachusetts. It has one on-site ATM which Crescent intends to continue to operate.