GFA Federal Credit Union President/CEO Tina Sbrega said the$6.4 million cash acquisition of the $83 million MonadnockCommunity Bank in Peterborough, N.H., will be finalized at the endof business Friday, marking the first purchase of a stock savingsbank by a credit union in the United States.

Last December, the $1.3 billion United Federal Credit Union in Michigan bought GriffithsSavings Bank in Indiana for about $80 million, the first time afederally chartered credit union purchased the assets of astate-chartered, FDIC-insured mutual savings bank.

The $353 million GFA FCU in Gardner, Mass., which agreed topurchase the New Hampshire community bank in March, recentlysecured all of the required regulatory approvals.

“We will be gaining 4,000 new members (from Monadnock),” Sbregasaid Friday. “From all indications the (new) members are veryexcited to have a credit union closer to their market. They have anappreciation for the cooperative model, so we are very confident wewill retain a majority of the (Monadnock) members and grow.”

Monadnock Community Bank's Peterborough branch will remain open,giving GFA its second New Hampshire location. Six years ago, thecredit union opened a branch in Rindge.

GFA also operates Massachusetts branch locations in Ashburnham,Fitchburg, Gardner, Hubbardston, Rutland and Winchendon.

All but four of Monadnock's employees will continue working atGFA, said Sbrega.

“We are absolutely thrilled to be in the Peterborough market,”said Sbrega. “All along there was tremendous synergies between thetwo institutions in terms of member service and community service.We are going to keep delivering those services and bring theexpanded products and services and more branches to the customersof Monadnock.”

As part of this new phase for GFA and its members, the creditunion announced in November that it has developed a new marketinglook and rebranding messages to communicate the advantages ofbelonging to GFA.

“We want our members to feel good about banking with us,” Sbregasaid. “Our 'Feel Better at GFA' rebranding will focus on invitingpeople to learn more about the value of belonging to a credit unionand banking with us. As a credit union, we are able to offer lowerfees and better rates because of our cooperative structure asmember-owned.”