HAVERHILL, Mass. — An overwhelming majority of the roughly 100 members of the $98 million Northeast Community Credit Union who showed up at a Sept. 13 meeting voted to approve their CU's merger with nearby Haverhill Bank, according to press reports. The credit union has almost 10,000 members.
Under Massachusetts' procedures for such mergers, bank depositors will have to take part in a similar meeting which has been scheduled for Sept. 18.
The Eagle Tribune, published out of nearby Andover, reported that of the almost 100 members at the meeting, only 78 were found eligible to vote but that of those 77 voted in favor of the merger after about 20 minutes of presentations about the merger and questions.
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If bank depositors also approve the move, the two institutions will have to get the final approval of the state's banking authority, the FDIC and the NCUA.
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