BOSTON – State regulators are collecting public comments on a precedent-setting merger of Northeast Community CU into a neighboring savings bank, Haverhill Bank.
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The Massachusetts Department of Bank will accept public comments on the rare combination of the $100 million credit union with the $130 million bank until January 10, before deciding whether to approve the deal. Plans call for the main office of Haverhill Bank to remain as the headquarters of the continuing institutions, with the credit union offices to serve as branches.
The unusual deal has been overwhelmingly approved by depositors/members of both institutions, who already share many of the same customers.
The merger must also be approved by federal banking regulators and NCUA.
