Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NCUA has OKd Mass. bank-CU merger
WASHINGTON (11/25/08)--Northeast Community CU, Haverhill, Mass., got the okay Nov. 17 from the National Credit Union Administration (NCUA) regarding that credit union’s proposed merger with Haverhill Bank. An NCUA spokesman confirmed Monday that the credit union had met all NCUA merger requirements--including certification of the membership vote—and was notified it could go ahead with its plan. With the merger approved, the resulting bank is expected to have combined assets of roughly $260 million, deposits totaling $220 million and capital totaling $30 million. It would have the second-largest market share in Haverhill, according to reports early in the year. Haverhill Bank and Northeast Community announced their plan to combine in August 2007. However, the NCUA in April deferred a decision on the merger until a membership vote could be taken which met the requirements of the agency's rules for converting a credit union to a mutual savings bank. The agency action, in effect, negated a 77-1 membership vote cast in September 2007 in which Northeast Community members approved the move. Sixty-seven depositors at Haverhill Bank had voted unanimously the week before to approve the bank's proposed merger. The Massachusetts Division of Banks has also given its requisite approval, according to a Haverhill Bank press release. The merger will be completed in December.
Other Resources

RSS





print
News Now LiveWire
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
7 hours ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
7 hours ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
7 hours ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
8 hours ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
9 hours ago