Merger With Sharon Credit Union Merger With Sharon Credit Union

We're excited to share good news! In order to provide the most value to our members, Crescent Credit Union has entered into a merger agreement with nearby Sharon Credit Union. Leveraging the brand of both institutions, when the merger is approved, the combined credit union will be called Sharon & Crescent United Credit Union, and branded as SCU Credit Union.

Please review our Member Information Statement and the Q&A below for answers to the most frequently asked questions.

If you wish to submit comments about the merger to share with other members, you may submit them to the National Credit Union Association (NCUA) at:
 
 

Questions & Answers

1. Why is Crescent Credit Union merging with Sharon Credit Union?
The banking industry is becoming increasingly consolidated. The proposed merger will allow the combined credit union to gain the size and scale necessary to be competitive within the industry, and to meet the evolving needs of our membership. The merged credit union will be able to provide more convenience and greater support to our membership. Members will benefit from:
 
• More competitive rates
• Enhanced products and services
• Improvements in technology, including online and mobile services
• Alternative energy and HEAT loans
• VISA® credit cards
• An expanded branch network, and
• More ATMs.
 
2. Who is Sharon Credit Union?
Sharon Credit Union was incorporated in 1956 in Sharon, MA. Now with over $600 million in assets, Sharon Credit Union serves over 35,000 members via 5 branches in Sharon, Walpole, Foxboro, Mansfield, and North Attleboro.
 
3. Is either credit union in financial trouble?
No. Both credit unions are financially sound.
 
4. Will Crescent Credit Union’s name change?
Yes. The combined credit union’s name will be Sharon & Crescent United Credit Union, and branded as SCU Credit Union.
 
5. Will we close any branches?
No. We will not be closing any branches. Members will benefit from an expanded network of 12 branches located in Brockton (4), Foxboro, Mansfield, North Attleboro, Norwell, Sharon, Taunton (2), and Walpole.
 
6. Where will the combined credit union be headquartered?
The main office will be located at 42 Pond Street, Sharon, MA. Executive and corporate offices will be located at 1300 Belmont Street, Brockton, MA.
 
7. Who will lead the combined credit union?
Sharon Credit Union’s President & CEO, James L. Carlson, will become the President & CEO of the merged credit union. Crescent Credit Union’s President & CEO, Robert W. Gustafson, will become an executive vice president of the combined credit union.
 
8. Will there be employee layoffs?
No. There will be no layoffs. All current staff will be employed by the combined credit union.
 
9. What is the anticipated merger timeline?
We expect the merger to be completed by January 1, 2020. We will keep you updated on our progress.
 
10. How do I vote for the proposed merger?
Crescent Credit Union members are invited to vote in person at the Special Meeting on Thursday, November 14, 2019 from 5:30 PM to 7:30 PM at our corporate headquarters located at 1300 Belmont Street, Brockton, MA. Members can stop by any time during the Special Meeting to cast their ballots. In order to vote, you must have become a member of Crescent Credit Union prior to August 16, 2019 (per statutory requirements). There is only one vote per membership: “For” or “Against” the proposed merger. Crescent Credit Union board and management recommends that members vote “For” the proposed merger.
 
11. Can I vote by mail?
No. State law requires the vote to be in person.
 
12. When will I find out the results?
As soon as the votes are counted, we will announce the results on our website and send an email to our membership.
 
13. What if I have additional questions?
Email us at [email protected] or call 508-559-5409. Our President & CEO, Robert W. Gustafson, will also be available to speak with you in person or by telephone to answer any of your questions.