ATTLEBORO – NationsHeritage Federal Credit Union members will vote tomorrow on a proposal to merge with HarborOne Credit Union, a larger, Brockton-based institution.
The board of directors at NationsHeritage, which has roughly 7,000 members, approved a proposal to merge with HarborOne, which has about 138,000 members, last December. The combined institution would have total assets of about $1.7 billion and almost 145,000 members, according to NationsHeritage.
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“We are certain that combining the assets and experience of both credit unions will significantly benefit members through enhanced services, easier access and greater affordability, things we believe our members truly need and deserve,” NationsHeritage’s board wrote in a letter to members earlier this month.
The merger “will save millions of dollars on an annual basis by eliminating redundant computer costs, regulatory and audit fees, insurance premiums, dues, and other similar expenses,” they said.
If its members and Mass. Commissioner of Banks Steven L. Antonakes both sign off on the merger, NationsHeriatge will transfer its assets and liabilities to HarborOne. Members will exchange their NationsHeriatge shares for shares of HarborOne.
If the merger is approved this spring, the two credit unions will begin to merge accounts and operations during the summer, executives told The Sun Chronicle.
The meeting of NationsHeritage members will be held on Wednesday at 6 p.m. at the credit union’s 607 Pleasant St. branch in Attleboro.
NationsHeritage president and CEO Maureen Tebo told the newspaper that no layoffs are planned at this time.
NationsHeritage has three branches, which also have ATMs, in Attleboro and Mansfield. They would be added to HarborOne’s roster of 12 branches and 22 ATMs.
NationsHeritage was founded in May 1960 as the M. & C. Federal Credit Union to serve employees of two corporations, Metals & Controls Inc. and M. & C. Nuclear Inc., both of which had been acquired by Texas Instruments the year before.
During the 1960s, the credit union’s membership expanded to include T.I. employees in Kentucky, Michigan and Maryland, as well. In 1971, it was renamed T.I. Federal Credit Union.
In the 1990s, as T.I. downsized its local operations, T.I. Federal Credit Union expanded again, this time to include employees of some outside companies. In 2001, its name was changed to NationsHeritage Federal Credit Union, and in 2004 it became a community-chartered bank open to residents in the Attleboro area and in Johnson City, Tenn.
For more information, visit NationsHeritageFCU.com and HarborOne.com.
