Massachusetts credit union's CEO says five of eight regulatory approvals now secured.
The $2 billion Landmark Credit Union of New Berlin, Wis., has filed applications with federal and state regulators to buy the $190 million Hartford Savings Bank, a state-chartered mutual savings bank in Hartford, Wis.
Purchase would be third credit union takeover of bank in past year.
The 20,000 member, $353 million GFA Federal Credit Union, headquartered in Worcester Mass., moved a bit closer to finalizing a purchase of a stock-owned thrift when a majority of the bank’s shareholders voted to approve the deal.
Cash requirements could be issue, bank attorney says, adding that he has seen interest in similar possible deals.
Massachusetts credit union's purchase of stock-owned thrift necessitated creation of new application itself from the NCUA, attorney says.
New Hampshire bank becomes second savings bank to be purchased by a credit union.
Lawyers handling the planned takeover of an ailing New Hampshire bank by a Massachusetts credit union expressed optimism Thursday the deal can clear regulatory hurdles.
The proposed buyout by GFA Federal Credit Union of a troubled New Hampshire savings bank continues to generate industry interest but with a pivotal question: Can the credit union and bank clear the legal hurdles with the NCUA, the Comptroller of the Currency and the FDIC.
Massachusetts CU CEO eyes long regulatory process in proposed takeover of New Hampshire bank.