Grove Eyes Credit Union

BROOKLINE, Mass. - Grove Bank said it is negotiating with the National Credit Union Administration to acquire certain assets and deposits of Blue Hill Federal Credit Union, Brookline.

The credit union has been operating under conservatorship for more than a year. It is one of three troubled New England credit unions that are expected to cause $120 million in losses this fiscal year to their national insurance fund.

The transaction would be subject to a definitive purchase and assumption agreement and various regulatory approvals, Grove Bank said. Blue Hill operates branches in Brookline, Framingham, and Stoughton, Mass.

Grove Bank, a state-chartered savings bank with $253 million in assets, has offices in Brighton, Brookline, Newton, and Natick. Total stockholders' equity at June 30 was $25.9 million, or 10.24% of total assets.

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