PORTSMOUTH, N.H. (7/26/12)--Two credit unions in New Hampshire have announced plans to merge, pending approval from regulators and members.
Berlin-based Woodlands CU, with $107 million in assets, will merge with Portsmouth-based Northeast CU, a $720 million asset credit union. Northeast will be the surviving credit union.
The combined credit union will have a combined $872 million in assets and 90,000 members served by 14 branches, with a 15th in the works (New Hampshire Union Leader July 24).
Northeast CU President/CEO Peter J. Kavalauskas will continue in that position and Woodlands CEO Timothy J. Collia will become executive vice president and chief operating officer of Northeast.
Kavalauskas told the Union Leader that the merger discussions began about a year ago. The credit unions hope to develop back office efficiencies and provide more and better services to the combined membership through the efficiencies, he said.
The merger is expected to be completed later in 2012. The credit unions will need approval from the National Credit Union Administration, the New Hampshire Banking Department, and Woodlands' membership (seacoastonline.com July 24).