Chelsea-based Metro Credit Union has expanded into Melrose this week, taking over the Secure Credit Union and adding $20 million in assets to their ever-increasing operations.
Metro CEO Robert Cashman told the Record that the acquisition is a continuation of what has been an aggressive expansion for the Parkway-based credit union.
“We have added several locations in a short period of time,” said Cashman. “We have four new locations, including Melrose, that we’ve added this year. We now have $900 million in assets. We had $785 million in assets established at the beginning of this year. We’ve grown $115 million in nine months.”
The newest merger with Secure Credit Union will become official this Friday, Nov. 11th.
Cashman said Secure has one branch location on busy Main Street in Melrose, and they will be keeping all of the employees that currently staff the facility.
He said adding a location in Melrose makes a great deal of sense for the company.
“It’s a fabulous opportunity for us to continue to expand our footprint by completing these kinds of acquisitions,” he said. “We’ll be establishing our 13th branch in Massachusetts right on Main Street in Melrose…We are very excited because this does expand the footprint, but also we have many members who live in Saugus, Melrose, Malden and Revere and this will give them another location to use.”
For current members of Secure, Cashman said the merger would give them greater access to home loans and auto loans, and also the ability to use the most modern banking technology.