Two New Hampshire credit unions, the $720 million Northeast Credit Union of Portsmouth and the $112 million Woodlands CU of Berlin, announced last week they intend to merge by year end.

The proposed consolidation which has been in the talking stage six months would combine two healthy credit unions to forge the state's second largest credit union, with 15 branches and more than 84,000 members.

Peter Kavalauskas, president/CEO of Northeast, said the planned consolidation is subject to approval of state regulators and Woodlands members. The combination would allow Woodlands to reduce its compliance and consumer regulatory burden and offer a higher level of online tech-products on a more cost-efficient basis, he added.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.