The proposed buyout by GFA Federal Credit Union of a troubled New Hampshire savings bank continues to generate industry interest but with a pivotal question: Can the credit union and bank clear the legal hurdles with the NCUA, the Comptroller of the Currency and the FDIC.
In the meantime, the president/CEO of the $345 million GFA of Gardner, Mass. expressed new confidence that the $6.4 million cash deal for the $82 million Monadnock Community Bank of Peterborough can pass the regulatory thicket and, in fact, demonstrates new cooperation between community banks and CUs.
"This is a great opportunity to recognize the similarities we share and how we can work together," said Tina Sbrega. She cited the value of weakened small thrifts or community banks finding partners in the credit union community that are unavailable in the banking sector.
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