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HAVERHILL, Mass. – NCUA said it finally gave its approval to the unusual merger of Northeast Community CU into Haverhill Savings Bank, the first credit union combination with a bank in Massachusetts.
NCUA approval–18 months after the deal was first proposed-- comes after voters narrowly okayed the merger.
The merger will combine two narrowly profitable institutions within blocks of each other in this hard scrabble community a half hour north of Boston to form a savings bank with $260 million in assets. Thomas Faulkner, president of Haverhill Savings Bank, will be CEO of the new bank/credit union, while Peter DiBenedetto, president of Northeast, will serve as president and chief operating officer.
