GARDNER, Mass. (12/28/12)--A Massachusetts-based credit union's purchase of a New Hampshire bank--said to be the first acquisition in the U.S. of a stock savings bank by a credit union--becomes official today in a $6.4 million deal.
Monadnock Community Bank (MCB), based in Peterborough, N.H., is a former state-chartered credit union that was converted to a federal savings bank in 1996. It is being purchased by GFA FCU, Gardner, Mass., in what the credit union says is a first (WBJournal.com Dec. 27).
The bank was initially chartered in 1971 as AWANE CU and served the Automotive Wholesalers Association of New England Inc. It opened its retail banking office in November 1997 and changed its name in October 2000.
GFA announced it is developing a new marketing look and using "Feel Better at GFA" rebranding messages to communicate the advantages of joining the credit union.
The bank office will be the ninth full-service GFA branch. Seven are located in north central Massachusetts and two in New Hampshire.
"Many of our customers have shared positive comments about joining a credit union--they are excited about the expanded products and services that GFA can offer them," said William M. Pierce Jr., president/CEO of MCB, in a press release.
Another credit union, in Wisconsin, also is applying to buy a savings bank. Landmark CU, New Berlin, Wis., filed applications in September with state and federal regulators to acquire Hartford Savings Bank, a state-chartered mutual savings bank headquartered in Hartford, Wis. (News Now Sept. 26).