By Amy Wyeth
Banker & Tradesman Staff Writer
 
In what may be a sign of the times, the $22.1 million, 2,399-member Boston Globe Employees Credit Union will merge with $720 million, Chelsea-based Metro Credit Union next year, the two institutions said Friday.

“We had a membership meeting on Wednesday night, and the membership overwhelmingly approved the merger,” said BGECU Treasurer and CEO Peter Vinci. 

Metro Credit Union membership approved the merger Oct. 14.

Of 109 members present at the BGECU meeting, 105 voted in favor of merging with Metro and four against, Vinci said. Members include employees of the Boston Globe, Worcester Telegram & Gazette, boston.com and the free daily Boston Metro.

Vinci said the credit union’s membership has been declining for the past four or five years, as the Globe has been downsizing its staff. In 2004, it had 2,800 members and $23 million in assets, he said.

BGECU approached about half a dozen credit unions and had serious discussions with four, he said, including $170 million Tremont Credit Union in Braintree, $195 million Members Plus Credit Union in Somerville, $119 million St. Jean’s Credit Union in Lynn, and Metro.

“Metro seemed to excel in the areas we were interested in,” Vinci said, including having nine branch locations in Boston, on the North Shore and MetroWest. Metro also offered attractive products and services, including online bill-paying, which the Globe Credit Union does not offer.

Metro Credit Union President and CEO Robert M. Cashman said his credit union has grown from past mergers. 

“Four of our branches are the result of mergers [during the past 20 years],” he said, including alliances with Framingham United Auto Workers Credit Union, Poplar Credit Union in Peabody, and Carmel Credit Union in Chelsea.

“We see opportunity in this,” Cashman said.

If necessary regulatory approvals are received, the parties hope the merger will be completed by Feb. 28, 2009.