February 28, 2018

Webster First credit union completes merger

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Webster First's headquarters are on Greenwood Street in Worcester's Quinsigamond Village neighborhood, and it has its sole Worcester branch directly next door.

Worcester-based Webster First Federal Credit Union has agreed to merge with a small one-branch credit union in Merrimac.

Webster First announced the merger Wednesday and said the deal will be effective by Thursday.

The Louise Mills Federal Credit Union in Merrimac, a town north of Boston near the New Hampshire border, will be initially be renamed "Louise Mills, a Division of Webster First Federal Credit Union," and then simply rebranded as Webster First. Financial terms of the merger were not disclosed.

Webster First is one of the largest credit unions based in Central Massachusetts, with more than $900 million in assets and more than 67,000 members. The credit union was founded in 1928 and has grown quickly through mergers in recent years. Since 2011, Webster First has merged with Saugus Federal, Fitchburg Federal, Winthrop Federal, Filene Federal, and Industrial credit unions.

Webster First's headquarters are on Greenwood Street in Worcester's Quinsigamond Village neighborhood, and it has its sole Worcester branch directly next door. Its branches span from Spencer and Dudley to Saugus and Winthrop.

Louise Mills Federal Credit Union, which has more than $10 million in assets, was founded in 1963 to serve the financial needs of students and teachers in the Merrimac area.

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