Credit Union Journal
Processing Content
Massachusetts banking regulators are collecting public comments on a precedent-setting merger deal, of Northeast Community Credit Union into a neighboring savings bank, Haverhill Bank.
The Massachusetts Department of Banking will accept comments on the planned combination of the $100 million-asset credit union with the $130 million-asset bank until Jan. 10, before deciding whether to approve the deal.
The unusual deal has been overwhelmingly approved by depositors and members of both institutions, which already share many of the same customers.
The merger must also be approved by federal banking regulators and the National Credit Union Administration.
