2 credit unions propose merger

Two Vermont credit unions with local offices in Springfield and Windsor are considering a merger that would also result in an expanded field of membership to include Windham County.

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2017-01-06 / Front Page 2 credit unions propose merger By TORY JONES toryb@eagletimes.com SPRINGFIELD — Two Vermont credit unions with local offices in Springfield and Windsor are considering a merger that would also result in an expanded field of membership to include Windham County. Members Advantage Community Credit Union (MACCU), headquartered in Barre, has applied to the Vermont Department of Financial Regulation to merge with Springfield-based Windsor County South Credit Union (WCSCU) and expand membership. MACCU would be the “surviving” credit union if the proposed merger takes place, all according to a public notice published on Thursday, Jan. 5. Sean Gammon, CEO of MACCU, said on Thursday that the merger would not result in any layoffs, and would be “positive” for all involved. At this time, MACCU has no immediate plans to open additional branches in southern Vermont, but the credit union is always trying to consider and meet the needs of customers in that area, he said. The merger would allow for a potential future expansion in Windham County. Members of both credit unions will have a chance to comment or offer written testimony at a public hearing this month. A notice published on the WCSCU website states that for the past several months, the credit union has been “evaluating and discussing the possibility of strategically joining forces with another small credit union in Vermont.” “After careful research and consideration, your Board of Directors is in unanimous support of partnering with Members Advantage Community Credit Union, headquartered in Barre, Vermont. We believe that this merger will strengthen the financial position of the credit union and help to ensure long-term sustainability. Through this partnership, we anticipate reaching a whole new level of personal service and convenience, as well as greatly expanding our current mix of products and services,” the statement reads. WCSCU administration also indicated in that statement that the cooperative merger can only take place if members vote in favor of it. They have asked for members’ support, and offered to keep members updated and answer questions as they move forward with the merger proposal. WCSCU has been serving its members since 1952, and is located on River Street in Springfield. MACCU was established on Jan. 1, 2006, a result of the combination of three credit unions, Central Vermont Teachers Credit Union founded in February 1953, Windsor-Orange County Credit Union founded in January 1953, and Caswell Credit Union, founded in 1947, according to the credit union’s website. MACCU has additional locations in Windsor, White River Junction, and South Burlington. A hearing and public comment period on the merger application, for members of both credit unions and any other interested parties, is scheduled for 12:30 p.m. Thursday, Jan. 12 in the Lafayette Room at the Holiday Inn Express on Charlestown Road in Springfield.