ALEXANDRIA, Va. – Members of the $96 million Northeast CommunityCredit Union will have to read NCUA's charter conversion statementsand vote again if the CU wants to merge with a local bank.

Northeast Community, which is based in Haverhill, Massachusetts,and the local Haverhill Bank announced their intention to merge inJuly of 2007. Each is state chartered and Massachusetts'regulations provide for such a merger, though this would be thefirst one in history.

Because the merger did not fall into the usual charterconversion process, NCUA's board had to approve it and sourcesfamiliar with the situation said the agency did not accept orreject the merger but sought in a closed April 17 meeting to havethe CU use the agency's charter change notifications and holdanother vote. Sources said Northeast has agreed to theseprovisions.

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