The 20,000 member, $353 million GFA Federal Credit Union, headquartered in Worcester Mass., moved a bit closer to finalizing a purchase of a stock-owned thrift when a majority of the bank’s shareholders voted to approve the deal.
Cash requirements could be issue, bank attorney says, adding that he has seen interest in similar possible deals.
Massachusetts credit union's purchase of stock-owned thrift necessitated creation of new application itself from the NCUA, attorney says.
New Hampshire bank becomes second savings bank to be purchased by a credit union.
Lawyers handling the planned takeover of an ailing New Hampshire bank by a Massachusetts credit union expressed optimism Thursday the deal can clear regulatory hurdles.
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.
GFA FCU CEO said her credit union is showing by example that credit unions can work with community banks as it moves toward purchase of a New Hampshire mutual.
Massachusetts CU CEO eyes long regulatory process in proposed takeover of New Hampshire bank.
GFA FCU will seek regulator approval to buy bank in Granite State, just weeks after Michigan credit union completes purchase of Indiana bank.