GFA FCU in Massachusetts Buying N.H. Savings Bank: Exclusive
In the second such move nationally in a couple months, the $345 million GFA FCU of Gardner, Mass. plans to purchase and merge the ailing Monadnock Community Bank of Peterborough, N.H., it was disclosed Thursday.
The transaction is unusual and represents a new test of regulatory oversight and authority since the $83 million Monadnock, itself a former CU-turned-bank, is stock owned. CUs are prohibited from owning stock-owned banks so the deal is structured to meet that problem, industry sources said.