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News Now

CU System
Boston Globe ECU to be absorbed by Metro CU
BOSTON (3/2/09)--Metro CU--the fifth largest-asset Massachusetts credit union--is absorbing Boston Globe Employees CU. State regulators approved the merger in which the $732 million asset, Chelsea, Mass.-based Metro is taking in the 2,343 member, $21 million asset Boston Globe--which has lost money over the last three years (Boston Business Journal Feb. 27). Boston Globe Employees CU saw its delinquent loans nearly double in 2008, according to National Credit Union Administration data, the Journal said. The credit unions’ net loss went up to $316,438 and its delinquent loans rose to $825,656--3.97% of total assets in 2008--NCUA data indicated, according to the Journal. Metro has more than 100,000 members, serving more than 1,800 Massachusetts companies. In 2008, its net income was $2.3 million and its net worth $87.2 million, the Journal said.


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