PORTSMOUTH, N.H. – Northeast CU, New Hampshire’s third-largest credit union, will pick up five branches in the state’s north country with the merger of Berlin’s Woodlands CU, a troubled $112-million credit union.
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Woodlands, which serves the timber industry, has reported losses every year since 2008, including a loss of $406,000 for the first six months of 2012.
The $720-million Northeast CU will need approvals from NCUA, the New Hampshire Banking Department and the Woodlands membership to complete the merger.
The combined institution would have 14 branches, soon to be 15, with locations ranging from New Hampshire’s Great North Woods, to the Seacoast, Dartmouth region and the Merrimack Valley.
