HAVERHILL, Mass. – The most recent data from NCUA and the FDICshow that Northeast Community Credit Union members could mergetheir CU into a money losing bank if they vote to approve thedeal.
The $96 million Northeast Community and local Haverhill bank,both state chartered, announced their intention to merge underMassachusetts regulations in July 2007. But NCUA has since requiredthe credit union to give members its mandatory charter conversiondisclosure statements and to hold another vote.
But in the intervening months since the two announced theirpending linkup, circumstances have changed for the bank.
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