PEABODY — President and CEO of Community Credit Union, Nick Sarantopoulos, and Attorney Thomas C. Demakis are urging members to vote in favor of the merger between Community Credit Union and Rockland Federal Credit Union, calling it a necessary step to expand services, strengthen long-term stability, and better serve members in a rapidly changing financial landscape.
The proposed merger has already received regulatory approval and now requires approval from a majority of voting members. A special meeting of the membership is scheduled for Jan. 21, 2026, at the credit union’s Andrew Street headquarters, with mail-in ballots available for members who cannot attend in person.
Community Credit Union’s current locations include 32 Central St. in Peabody, 1 Andrew St. in Lynn, and 377 Summer St. in Somerville.
“This merger is for you, our member,” Board Chairman Peter Katsos said in a letter sent to members announcing the vote. “Unlike bank mergers that are designed to make money for stockholders, this merger will result in a wider variety of competitive services, products, and conveniences.”
Credit union leaders said the decision was driven by growing financial and regulatory pressures on smaller institutions.
“It’s a challenging environment for small credit unions because we’re subject to the same regulations as large credit unions, and it costs a lot of money to comply,” Demakis said. “Bigger credit unions have more resources, and that matters today.”
Community Credit Union of Lynn was founded in 1955 to serve immigrant and working-class residents who were underserved by traditional banks. Originally known as the Greek Community Credit Union, it later expanded its membership and changed its name as it grew into a broader community institution.
“From the start, the mission was to be community-oriented and do a lot of good for the community,” Demakis said.
Sarantopoulos said the Board explored multiple merger options before unanimously selecting Rockland Federal Credit Union, citing alignment in values and long-term strategy.
“We had extensive meetings with several credit unions,” he said. “We ultimately chose Rockland Federal because there was a great alignment between our values and theirs. They’re very community-oriented, but they also have scale.”
Rockland Federal is among the largest credit unions in Massachusetts and was recently named the state’s top credit union by Forbes magazine, according to Sarantopoulos.
The merger would give members access to improved mobile banking technology, more locations, a wider range of mortgage products, and significantly higher lending limits.
“Right now, the maximum loan we can make is $2 million,” Sarantopoulos said. “After the merger, that changes dramatically.”
Technology was also cited as a major factor.
“Young generations do everything on their phones,” Sarantopoulos said. “We need better technology, and that takes money and scale.”
The Board, which is made up of volunteers, has unanimously recommended approval of the merger. Still, officials stressed that the final decision belongs to the membership.
“Your vote to approve this merger is very important,” Katsos wrote. “The final decision is up to you.”
Ballots must be returned by Jan. 21, 2026 for votes to be counted. If approved, the merger would be completed later in 2026 following administrative and operational transitions.
