PINE credit union merges with Metropolitan Credit Union
Graphic Arts Credit Union board looks to members’ future needs; merger effective Jan. 1
The Graphic Arts Credit Union, a full service credit union that has served family members and employees of member companies of Printing Industries of New England since its creation in 1977, is merging with Metropolitan Credit Union, one of the largest credit unions in Massachusetts.

GACU members voted at a special meeting last month to approve the merger. The merger is pending state approval.

Don Worfolk, president of the Graphic Arts Credit Union’s board of directors, described the merger as one that will ensure expanded financial services for individual members of PINE’s credit union and owners of member companies of the largest trade association for printing and graphic communications firms across New England.

“We truly feel this is a wonderful opportunity for members of PINE’s credit union, the trade association’s member companies and for Metropolitan Credit Union,” said Robert M. Cashman, Metropolitan’s president and chief executive officer. “We offer a full spectrum of consumer savings and loan programs as well as lending programs for businesses. Exemplary customer service is important to us and we’ve invested in the necessary technology to add convenience to our members’ banking services.”

Dolores T. Barry, Metropolitan’s senior vice president of financial services, said accounts for individuals of the Graphic Arts Credit Union will transfer into Metropolitan Credit Union accounts after the close of business on Dec. 31.

Graphic Arts Credit Union members should watch for correspondence through the postal mail about the transfer of membership into Metropolitan in the coming days and weeks. Members are not required to take any action. Accounts will transfer automatically.

“By noontime on Jan. 1, all accounts will be transferred and former members of the Graphic Arts Credit Union should be able to access their new accounts and use ATM (automatic teller machine) services and debit cards,” she said.

Metropolitan Credit Union was founded in 1926. It serves 88,000 members and 1,700 companies and has more than $575 million in assets. The credit union’s main office is in Chelsea. It also operates branch locations in the Massachusetts communities of Framingham, Lawrence, Burlington, Peabody and a second location in Chelsea.

“The credit union board is excited about the expanded range of services that Metropolitan will bring to individual members of the PINE’s credit union,” Worfolk said. “When we voted to seek a merger partner we wanted a credit union that could not only offer more services to individual members, but also offer a range of products and services that would be attractive to owners of small and medium-sized businesses, which make up the core of PINE’s 430 member companies.

“Once we started the winnowing process, it was clear that the Metropolitan Credit Union had the variety of products and services that should appeal to both individuals and companies. They were far and away the best suitor for us,” he said.

He added that the credit union board believed a merger of PINE’s credit union with a bigger organization was the best move at this time. The GACU board will disband once the merger is complete.

“For nearly 30 years, the Graphic Arts Credit Union has served its membership well. From the humble beginnings in 1977, when owners and presidents of PINE member companies asked the trade association to form a lending institution to help their employees with individual financial needs, this was an endeavor worth taking,” he said. “Over time technology has impacted how we live and how many of us bank, the Graphic Arts Credit Union needed to find a partner who could bring these services to its members.

“With Internet banking, automatic teller machines, debit cards and more, the time was right for us to find a strong institution to join with. This merger assures individuals at PINE member companies excellent, full service banking services for years to come,” Worfolk said.