The 20,000 member, $353 million GFA Federal Credit Union,headquartered in Worcester Mass., moved a bit closer to finalizinga purchase of a stock-owned thrift when a majority of thebank’s shareholders voted to approve the deal.
More than 99% of the shareholders who voted at the May 31meeting approved the transaction. The $83 million MonadnockCommunity Bank had been a credit union until it converted itscharter in 1996. It has since fallen upon harder economic times andhas been looking for a merger partner.
Under the terms of the sale that the shareholders approved, thetransaction will cost the credit union approximately $6.4 millionin cash.
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