Merger Planned for St. Jean’s Credit Union and Revere Municipal Employees Federal Credit Union
Two Massachusetts-based credit unions, St. Jean’s Credit Union a $319 million credit union located in Lynn, MA, and Revere Municipal Employees Federal Credit Union an $18 million credit union located in Revere, MA, have announced their intent to pursue a merger in early 2022 subject to regulatory and member approvals. If approved, the merger would combine St. Jean’s Credit Union’s 17,000 members with Revere Municipal’s 2,200 members, and will result in an organization with combined assets of over $337 million.
The merger will expand the footprint already planted in Revere, MA, offering exceptional products and services to municipal employees in the City of Revere and the Town of Winthrop, MA.
“Both of our teams are excited for the opportunities that combining forces will bring to our members and our employees,” stated John Kingston, Manager of Revere Municipal Employees Federal Credit Union. With the talent and products at both credit unions, we will be able to provide a competitive edge, enabling us to offer best-of-breed products and services to our membership.
“The combination of our credit unions will allow us to further dedicate resources to the municipal employees in Revere, both in-person and digitally,” said C. David Surface, President and CEO of St. Jean’s Credit Union. “Currently, both of our credit unions deliver great value to our membership, our leadership teams and Boards of Directors believe we can be even greater together.”
About St. Jean’s Credit Union
St. Jean’s Credit Union is a state-chartered credit union based in Lynn, Massachusetts, serving anyone who lives or works in Essex, Middlesex or Suffolk Counties of the Commonwealth of Massachusetts, and employees and family members of H.P. Hood, LLC. St. Jean’s Credit Union is the oldest state- chartered credit union in America, and Massachusetts’ first credit union, serving more than 17,000 members. Founded in 1910, St. Jean’s Credit Union currently operates 5 branch offices in Lynn, Salem, Revere and Newburyport. St. Jean’s Credit Union carries a low-income designation, a recognition given to credit unions that predominately serve and empower low-income members. Learn more at stjeanscu.com.
About Revere Municipal Employees Federal Credit Union
Revere Municipal Employees Federal Credit Union was founded in 1962 and is a full-service member- owned financial institution serving more than 2000 members who serve as municipal employees in Revere and Winthrop, MA. Membership is open to Revere and Winthrop municipal employees, and their families. Revere Municipal Employees Federal Credit Union operates 2 branches in Revere, MA. Learn more at reveremunicipalefcu.org.