Woodlands CU Merger Approved
Two New Hampshire credit unions, Northeast Credit Union and Woodlands Credit Union announced last week that the merger between the two credit unions has received all necessary member and regulatory approval. Woodlands Credit Union members approved the merger via mail-in balloting as well as in-person voting during a special meeting held in Berlin, N.H. on Oct. 27. The membership vote was the final step in the approval process. The merger will be effective on Jan. 1, 2013, with the combining of operating systems set for late summer 2013. Once complete, this union will offer expanded banking products and services, greater convenience, and a stronger financial cooperative for the credit union's membership, a Woodlands press release said.
The ongoing credit union will operate as Northeast Credit Union and its headquarters will remain at the current location in Portsmouth, N.H. Peter Kavalauskas, Northeast Credit Union's current president/CEO, will lead the credit union with Timothy Collia, current CEO of Woodlands Credit Union, serving as the executive vice president and chief operating officer. As information about the integration process becomes available, it will be posted on the Northeast Credit Union website at www.necu.org. Members will also be kept informed through a series of mailings and notifications throughout the spring and summer as integration activities progress.
"We're very excited to receive this final approval from Woodlands Credit Union members and sincerely welcome them to the Northeast family," stated Kavalauskas. "By combining the strengths of both credit unions, we are able to provide all of our members with improved product lines, financial planning services, insurance offerings, expanded technology services, and greater financial stability. We will make the transition process as seamless as possible and look forward to serving the financial needs of Woodlands members."
"Both Woodlands and Northeast have a long and storied tradition of providing exceptional personalized service to our members and I am confident that Woodlands Credit Union members will see the value of the merger with Northeast immediately," said Collia. "The board of Directors and I would like to thank the membership of Woodlands Credit Union for showing their commitment to the credit union and their communities by voting to approve the merger."
With the merger, Northeast Credit Union will have assets exceeding $800 million and serve over 90,000 members through 14 branches, soon to be 15.