The pending purchase of the $83 million Monadnock Community Bank by the 20,000-member, $353 million GFA Federal Credit Union remains on track, according to GFA CEO Tina Sbrega.
Sbrega reported that after the shareholders approved the purchase in June of this year, the Gardner, Mass., credit union and New Hampshire bank had also received approval for the deal from the Office of the Comptroller of the Currency.
“This means we have two of the five regulatory approvals we need and we continue work closely with the agencies involved to obtain the other three,” Sbrega said Thursday.
In addition to the OCC, the deal has been approved by the Federal Reserve.
Other needed regulatory approvals include the NCUA, FDIC and the Massachusetts Commissioner of Banks.
Sbrega said the bank and credit union hope the deal will be complete sometime in the first quarter of 2013. Earlier this year, GFA offered $6.4 million in cash to buy the ailing, one-office $83 million Monadnock Community Bank in Peterborough. It would be GFA's first entry into New Hampshire.