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Metro Credit Union to Grow VIA Merger with Gloucester Municipal Credit Union

February 2, 2021

Metro Credit Union, Massachusetts’ largest state-chartered credit union, today announced that it will merge with Gloucester Municipal Credit Union, founded in Gloucester, Mass in 1941, on February 26. Metro, which recently surpassed $2.3 billion in assets, will absorb GMCU’s nearly 500 members and $2.3 million in assets. Metro’s newest members will have access to an expanded line of products and services as well as its 14 branch locations.

“I’m thrilled to welcome members of the Gloucester community to the Metro family,” said Robert Cashman, CEO and president. “I encourage both existing members of GMCU and others who are or were previously employed by the city of Gloucester to take advantage of the many opportunities Metro has to offer our members.”

When considering a merger, GMCU turned to Metro due to its strong reputation, digital and technological advancement, and obvious commitment to its more than 220,000 members.

“Metro will offer our members additional benefits and opportunities that we have not been able to provide, including digital access, mortgages, home equity loans, and more,” said Lawrence Ingersoll, board president, Gloucester Municipal Credit Union. “We are particularly grateful to partner with a credit union that we know will treat our members with compassion and care and offer them the security and trust they deserve.”

For more information about Metro Credit Union, please visit metrocu.org or connect with us on LinkedIn.###
About Metro Credit Union

Metro Credit Union is the largest state-chartered credit union in Massachusetts, with $2.3 billion in assets. Metro provides a full range of financial products to more than 225,000 members in Essex, Middlesex, Suffolk, Norfolk, Plymouth, Barnstable, Bristol and Worcester counties in Massachusetts, and Rockingham and Hillsborough counties in New Hampshire, as well as to employees of over 1,200 companies through its Metro@work program.

Founded in 1926, Metro currently operates 14 branch offices in Boston, Burlington, Chelsea, Framingham, Lawrence, Lynn, Melrose, Newton, Peabody, Salem, Tewksbury, and coming soon to West Roxbury. Metro is also a Juntos Avanzamos (“Together We Advance”) designated credit union, an honor given to financial institutions for their commitment to serving and empowering Hispanic and immigrant consumers. Metro was recently named among the most charitable companies in Massachusetts by the Boston Business Journal. Learn more at MetroCU.org and connect with us on LinkedIn.

Metro Credit Union is closely monitoring the COVID-19 emergency and working with members who are impacted. For more information about access to our branches and how to manage your accounts remotely during this time, please visit MetroCU.org/access.

Emily Lospennato