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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.
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