Savings Bank Acquisition of CU Moves Forward

HAVERHILL, Mass. – Depositors of Haverhill Bank Tuesday night voted unanimously for the merger of a local credit union, Northeast Community CU, into the mutual savings bank. Sixty-seven depositors voted by a show of hands for the rare merger. Members of the $110 million credit union last week approved the deal, 77 votes to 1 vote, at a special meeting. The deal next must be approved by NCUA and the FDIC, as well as the Massachusetts Division of Banking. NCUA yesterday said it had not yet received a merger application from the parties.

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