Woodlands CU Merger Approved

Two New Hampshire credit unions, Northeast Credit Union and Woodlands Credit Union announced last week that the merger between the two credit unions has received all necessary member and regulatory approval. Woodlands Credit Union members approved the merger via mail-in balloting as well as in-person voting during a special meeting held in Berlin, N.H. on Oct. 27. The membership vote was the final step in the approval process. The merger will be effective on Jan. 1, 2013, with the combining of operating systems set for late summer 2013. Once complete, this union will offer expanded banking products and services, greater convenience, and a stronger financial cooperative for the credit union’s membership, a Woodlands press release said.

The ongoing credit union will operate as Northeast Credit Union and its headquarters will remain at the current location in Portsmouth, N.H. Peter Kavalauskas, Northeast Credit Union’s current president/CEO, will lead the credit union with Timothy Collia, current CEO of Woodlands Credit Union, serving as the executive vice president and chief operating officer. As information about the integration process becomes available, it will be posted on the Northeast Credit Union website at www.necu.org. Members will also be kept informed through a series of mailings and notifications throughout the spring and summer as integration activities progress.