MetroWest credit unions to merge, the latest consolidation in Central Mass. banking
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St. Mary's Credit Union in Marlborough
St. Mary’s Credit Union in Marlborough and MetroWest Community Federal Credit Union in Framingham have announced plans to merge, the latest sign of consolidation in the Central Massachusetts banking industry.
The merger is expected to be completed by early 2026 and will result in a $1.15-billion entity operating under St. Mary’s Credit Union’s name and charter. The newly-combined firm will serve more than 62,850 members with 8 branch locations, according to a St. Mary’s Credit Union press release issued Thursday.
“We are excited to welcome members of MetroWest Community Federal Credit Union and expand our presence in Framingham,” Jim Petkewich, interim president of St. Mary's Credit Union, said in the press release. “This year, St. Mary’s Credit Union and MetroWest Community Federal Credit Union were named the number one and two credit unions in MetroWest. Together we will be able to serve our members even better, with more robust products, expanded access, and continued personalized service.”
Petkewich took over for former St. Mary’s Credit Union President Larissa Thurston in 2024, after Thurston left for a role as CEO of Jeanne D’Arc Credit Union in Lowell, according to Petkewich’s LinkedIn profile and a June 2024 press release from Jeanne D’Arc.
The merger will lead to an expanded branch and ATM footprint for members, as well as improved digital banking offerings, according to St. Mary’s Credit Union’s press release.
The two credit unions are the latest Central Massachusetts financial institutions to announce merger plans since 2024.
Worcester-based Cornerstone Bank announced plans to merge with Athol Savings Bank in July after finalizing a merger with Holyoke-based PeoplesBank in February. Rollstone Bank & Trust in Fitchburg completed a merger with Newburyport-based firm River Run Bancorp in July, while Hometown Financial Group, the holding company of Oxford-based bankHometown, announced in May its intent to merge with Quincy-based Colonial Federal Savings Bank.
In September, Digital Federal Credit Union in Marlborough announced its intent to merge with First Tech Federal Credit Union, a firm based in Silicon Valley. That merger is expected to be completed this year.
Bank merger activity continued to grow through late 2024 and early 2025, with smaller local banks representing much of that growth, according to BankExchange.
St. Mary’s Credit Union is the fifth largest credit union in Central Massachusetts, with $1.01 billion in assets and 55,850 members, according to information provided to the WBJ Research Department. The credit union has 111 full-time employees and eight branch locations across Framingham, Hudson, Marlborough, Northborough, and Westborough.
MetroWest Community Federal Credit Union is the 14th largest credit union in the region, with $138.37 million in assets and 7,000 members. The firm has 12 full-time employees at its one branch location at 200 Concord St. in Framingham.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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