HAVERHILL, Mass. — An overwhelming majority of the roughly 100 members of the $98 million Northeast Community Credit Union who showed up at a special Sept. 13 meeting to debate and vote a proposed merger with a mutual bank voted to approve the deal.
The CU has almost 10,000 members.
Northeast members were considering a merger with the nearby Haverhill Bank, a mutual bank also chartered by Massachusetts. Under Massachusetts' procedures for such mergers, bank depositors will have to take part in a similar meeting, which has been scheduled for Sept. 18.
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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 of those, 77 voted in favor of the merger after about 20 minutes of presentations about the merger
and questions.
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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