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GFA Federal Credit Union President/CEO Tina Sbrega said the $6.4 million cash acquisition of the $83 million Monadnock Community Bank in Peterborough, N.H., will be finalized at the end of business Friday, marking the first purchase of a stock savings bank by a credit union in the United States.

Last December, the $1.3 billion United Federal Credit Union in Michigan bought Griffiths Savings Bank in Indiana for about $80 million, the first time a federally chartered credit union purchased the assets of a state-chartered, FDIC-insured mutual savings bank.

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Peter Strozniak


Credit Union Times

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