HAVERHILL, Mass. — As the $97 million Northeast Community Credit Union waits for its members to decide whether they want to merge with an area bank, those same members can use the CU's Web site to exchange opinions.
Northeast Community is a state-chartered credit union seeking to merge with Haverhill Bank, a state-chartered mutual bank that touts itself as the oldest mutual bank in the state. Both institutions have cited their similar structures, shared mutuality and a desire to grow their institutions while remaining rooted in their home communities as reasons CU members should support the merger.
Because the merger is taking place according to regulations set down by the Massachusetts Division of Banks, the NCUA has not required that Northeast follow its exact rule that would otherwise be required in a credit union to mutual savings bank charter conversion. Instead of sending members notices and disclosures about the merger balloting at 90 days, 60 days and 30 days before the special meeting date, as NCUA rules require, Northeast has only had to send notices at 90 days and 30 days, with the ballots included with the 90-day notices.
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