Two of four steps completed in bid for Massachusetts credit union to buy New Hampshire bank.
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.
Massachusetts credit union's purchase of stock-owned thrift necessitated creation of new application itself from the NCUA, attorney says.
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.
The postmortem on last month’s two failed merger attempts that were victims of member opposition hits on three ingredients: poor communications, a rushed timetable and lack of enough advance explanation to constituents and the public.
In this Print Preview from next week's edition, industry experts look behind the recent rejection of proposed mergers in Louisiana and Montana.
California’s $3.1 billion Kinecta Federal Credit Union, party to a delayed mega-merger with the $1.1 billion NuVision CU, is in recovery mode this month, tending to a battered mortgage portfolio.
Kinecta-NuVision merger delayed while three-way Ohio merger moved forward; each with a CEO in charge of two credit unions at once.