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.
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