The pending purchase of the $83 million Monadnock Community Bankby the 20,000-member, $353 million GFA Federal Credit Union remainson track, according to GFA CEO Tina Sbrega.
|Sbrega reported that after the shareholders approved the purchase in June of this year, the Gardner, Mass.,credit union and New Hampshire bank had also received approval forthe deal from the Office of the Comptroller of the Currency.
|“This means we have two of the five regulatory approvals we needand we continue work closely with the agencies involved to obtainthe other three,” Sbrega said Thursday.
|In addition to the OCC, the deal has been approved by theFederal Reserve.
|Other needed regulatory approvals include the NCUA, FDIC and theMassachusetts Commissioner of Banks.
|Sbrega said the bank and credit union hope the deal will be complete sometime in the first quarter of2013. Earlier this year, GFA offered $6.4 million in cash to buythe ailing, one-office $83 million Monadnock Community Bank inPeterborough. It would be GFA's first entry into New Hampshire.
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